Grayscale Floats New Smart Contract Fund for 6 Ethereum Competitors

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The acclaimed largest digital assets management company, Grayscale Investments has launched a new investment product tagged the Grayscale® Smart Contract Platform Ex-Ethereum Fund (GSCPxE).

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As announced by the company, GSCPxE will rank as the 18th investment product and third diversified fund offering the firm will be launching.

The GSCPxE fund features six alternative smart contract blockchain protocols other than Ethereum. The fund is designed to be operated through a market-capitalization-weighted portfolio designed to track the CoinDesk Smart Contract Platform Select Ex ETH Index. 

“Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem,” said Grayscale CEO Michael Sonnenshein. “Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win – from attracting and retaining the most vibrant developer communities to ensure the platform is high-speed, flexible, and scalable. The beauty of GSCPxE is that investors do not have to choose one winner and instead can access the development of the smart contract platform ecosystem through a singular investment vehicle.” 

As of March 16, the GSCPxE fund consists of;

  • Cardano (ADA), 24.63%

  • Solana (SOL), 24.27%

  • Avalanche (AVAX), 16.96%

  • Polkadot (DOT), 16.16%

  • Polygon (MATIC), 9.65%

  • Algorand (ALGO), 4.27%

  • Stellar (XLM), 4.06%

The interest Ethereum has gained over the years has served as a yardstick for investors to seek more alternative avenues to gain wider exposure, even to more innovative smart contract platforms. The launch of the GSCPxE fund indicates the broad demand for Decentralized Finance (DeFi) products that cover both institutional and retail climes.

Over the past year, Grayscale has launched a series of investment products to model the demand from investors at large. Amongst the most prominent funds launched by the company entails that which features Chainlink (LINK) and Filecoin (FIL).

Image source: Shutterstock

From TechnoSoundz.com

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