The growth of the cryptocurrency space continues to be at the forefront of every discussion. However, the DeFi space is also booming despite not getting all the attention the cryptocurrency space is getting. Major tokens in the DeFi space are performing so well, as several DeFi Protocols are also improving the scalability and efficiency of their services for their clients.
The Blockchain space’s overall progress has now meant that several new technologies and innovations will continue to spring up. The latest being that Grayscale, one of the world’s largest crypto asset managers, has now confirmed it has registered a new trust for popular DeFi protocol, Yearn.finance.
The new trust does not come with a product yet, Grayscale confirms
The asset managers announced its plans early this week, sighting that it will commence the DeFi trust with Yearn.finance. The growth of Yearn.finance in the DeFi space has been a key factor of Grayscale choosing to build such trust with the DeFi protocol. In Grayscale’s announcement, the firm affirmed that despite registering the new trust for Yearn.finance, it does not imply that they currently have a new product on the pipeline, as it will always announce any new development such to its customers.
Yearn.finance is not the only DeFi protocol Grayscale has registered a crypto trust for. Analysts confirm that the crypto asset managers have done the same for several protocols, including Uniswap, Cardano, Polkadot, and many others. The asset managers have also initially registered a trust with Ripple’s XRP, as one of the initial trust is registered.
An unfortunate circumstance is that Ripple’s crypto trust has now been terminated due to the issue with Ripple and U.S SEC ruling earlier in the year. However, the overall count of trusts registered by the crypto investment managers stands at a staggering 33, with about 24 of them currently inactive at the moment.
Grayscale confirms institutional adoption of cryptocurrency is on the rise
Grayscale is popularly known across the cryptocurrency space and the world in general as one of the world’s top crypto asset managers. The investment outfit boasts about $30 billion in its Bitcoin Trust, around $6 billion in its Ethereum trust, and currently is worth about $37 billion in assets under its management. For a few years, the company had been tasked with providing crypto advisory services for its massive client base.
It is also worthy to note that despite its large investment in cryptocurrencies already, the investment managers are still purchasing cryptocurrency. This further proves that the high demand for cryptocurrencies is still high, as several top firms have either been purchasing or planning to purchase. The implication and impacts of the purchases will further mean that the cryptocurrency space will continue to boom, as analysts believe that the high demand will tentatively improve prices. Hence, crypto investors will only hope that it continues this way, a win-win for everyone.