Barry Silbert, a famous investor, announced the launch of a new investment fund related to the cryptocurrency world.
The Silbert’s announcement was communicated by various media outlets recently. The new investment fund is called Grayscale Digital Large Cap Fund and it is a part of the investment group Grayscale Investments, LLC, owned by Silbert.
Grayscale Digital Large Cap Fund provides diversified access to different digital assets by using a portfolio weighted by the market capitalization. The fund offers services based on digital assets that represent 70% of the entire cryptocurrency market. Five cryptocurrencies are offered for the time being: ether, bitcoin, Ripple, Litecoin and Bitcoin Cash.
Every trimester the list of cryptocurrencies will be revised and updated in accordance with the evolution of the cryptocurrency market. This means new cryptocurrencies could be added to the list, as well as removed from it. This process will serve to maintain the balance of the fund.
Likewise, the investment products will allow the investors to follow the price movement of a combination of cryptocurrencies through a traditional investment method. This will eliminate the difficulties that some investors are facing when it comes to buying, storing and protect cryptocurrencies.
The new investment fund based on cryptocurrencies will guarantee a high level of security by protecting the private keys with the help of Ledger SAS, a company specialized in the security of products related with the cryptocurrencies and the blockchain technology. Moreover, the keys will be protected by processes that include various factors.
Initially, the fund will only be open to the investors accredited by the U.S. Securities and Exchange Commission (SEC). However, with time, the plan is to open the fund to the public, just like the company did with other Grayscale funds. Barry Silbert said: “People do not know nor they care about which currency will win. They only want to be in the possession of this type of assets. We have people who want to invest 100 million dollars in this.”
The founder also commented that the essence of the new fund is to offer the investors a way to invest without having to worry about the prices, what to buy, when to buy or where to store it. This fund provides them a way to access the cryptocurrency world. Silbert also said: “We are enthusiastic to expand even more the universe of products offered by Grayscale as the interest in the digital assets continues to grow. Grayscale promises to create investment structures that are familiar to the qualified investors and provide a secure access to this emerging class of assets.”
Grayscale launched other investment funds related to the cryptocurrency world in the past. Some of them are: the Bitcoin Investment Trust, the Ethereum Classic Investment Trust and the Zcash Investment Trust. The last one was launched at the end of last year. All these funds have the same general objective and that is to connect the traditional investment systems with the cryptocurrency market.
