"Fuhh Grayscale is the best, it has made a lot of progress."
Grayscale Investments, a digital currency asset management firm and a subsidiary of the London Stock Exchange Group called FTSE Russell have joined hands to launch five new cryptocurrency indices.
Not only that, the collaboration of the two firms also aims to track the performance of different crypto markets in the blockchain ecosystem, smart contract platforms, users, culture and others.
Several indices will act as the basis for ETFs and other exchange-traded products, where Grayscale Investments is also in the process of converting Grayscale Bitcoin Trust (GBTC) to ETFs.
There are five different Crypto Sector Indices, among them are Smart Contract Platforms, Finance, Consumer & Culture including Utilities & Services which includes coverage of over 150 cryptos, but will be re-evaluated every quarter.
The 150 cryptos will be divided into five parts, namely Grayscale FTSE Crypto Sector Index, Grayscale Smart Contract Platform Crypto Sector Index, Grayscale FTSE Financial Crypto Sector Index, Grayscale FTSE Consumer & Culture Crypto Sector Index and Service & Utility Crypto Sector Index.
In addition to making it easier for investors to categorize and analyze the crypto ecosystem, the partnership is also to create various tools and structures that can further help businesses.
According to Grayscale CEO Michael Sonnenshein, investors are increasingly interested in diversifying their crypto holdings, so many will look to the firm to better understand the robust and growing digital asset class.
