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Grayscale launched a fund to stake cryptocurrencies and generate income for investors.
Michael Sonnenshein called the fund by its CEO “an important expansion” The product range of the company.
Grayscale Investors Can Participate In Multi-Asset Staking
Sonnenshein says the new fund provides investors with access to “multi-asset staking” Through a convenient and familiar “singular investment vehicle.”
Grayscale announced in a March statement that the Grayscale Dynamic Income Fund will hold initial assets for nine blockchain networks. 5 press releasae.
They are Aptos(APT), Coinbase Staked Ethereum(CBETH), Polkadot(DOT), Near (NEAR), Solana (“SOL”), Celestia (“TIA”), Osmosis (“OSMO”) and SEI Network “SEI”. Quarterly rewards will be given out in U.S. dollar.
With this news, I am increasingly bullish about the use of Aptos Blockchain in AI, Depin and mass social networks.
The year 2024 will be remembered. @Aptos.https://t.co/dg6zqLAz1A
— JC | TowneSquare (@realjcz) March 6, 2024
GDIF not only allows investors to earn passive income from crypto staking but also will see a rise in the value of the cryptocurrency. Grayscale The company will be more active in the decision-making process of the nine networks that it will initially own assets for.
The networks that the company selected to be included in the fund implement the Proof of Stake consensus mechanism. This is a greener alternative to the Proof of Work consensus algorithm (PoW), on which Bitcoin (BTC), is built.
PoS chains do not require users to solve complicated mathematical puzzles in order to validate blocks as they would with PoW networks. Instead, they select validators for the network based on their own criteria. stake In the native crypto of the network.
Grayscale Bitcoin ETF Outflows Continue
The launch of DGIF comes as Grayscale’s spot Bitcoin ETF, GBTC, continues to haemorrhage funds.
GBTC, since it was converted into a spot Bitcoin ETF(exchange-traded funds), has seen outflows of almost $10 billion. This is according to a March. Eric Balchunas, Bloomberg ETF analyst, posted a blog on X on March 5.
$GBTC It has almost $10b of outflows, but the assets are still the same as they were on launch day. Seems like magic, but it’s the bull market subsidy and same physics keeping outflow-ridden active equity mutual funds with massive assets still (albeit mirage-y since customers have… https://t.co/zPiACOvNOQ
— Eric Balchunas (@EricBalchunas) March 5, 2024
Despite the substantial outflows he noted, GBTC’s asset under management remains at a level that is close to what it was when the fund first converted to an ETF in the beginning of the year. Bitcoin’s surging price.
GBTC has been able to maintain its revenue levels before conversion despite the exodus from investors due to the surge in the price of the market leader.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com