Yesterday, Osprey Funds introduced the launch of the Osprey Polkadot Belief. The fund, which might be accessible to accredited traders with a $25,000 minimal, is about to be listed on the OTCQX market “as quickly as potential,” per a press launch from the corporate. Coinbase will function the fund’s custodian.
The fund will give traders entry to one of many largest layer one sensible contract chains by way of acquainted rails, and joins a rising record of digital belongings fairness traders can now achieve publicity to.
“The urge for food for subsequent technology crypto funding automobiles is barely rising,” stated Osprey CEO Greg King. “Osprey is simply getting began on a collection of compelling funding funds that can present entry to among the most enjoyable cash and tokens.”
Osprey has positioned itself as a competitor to funding large Greyscale, which presently presents 14 digital asset funding trusts, per the Greyscale web site. Osprey’s OBTC fund boasts a .49% administration charge, which they declare makes it the “lowest-cost publicly traded bitcoin fund within the U.S.”
The selection to supply a Polkadot fund could also be in an effort to realize an edge on Greyscale. DOT is just not among the many belongings Greyscale presents funds for, and it isn’t a part of the “Giant Cap” belief regardless of being the fourth-largest layer one sensible contract token by marketcap, that means Osprey could also be catering to a market demand that isn’t presently serviced.
King advised Cointelegraph that the choice to supply a DOT fund was half a vote of confidence within the rising ecosystem, in addition to an effort to supply a wider vary of digital asset funding automobiles.
“Our resolution to launch a Polkadot belief subsequent is each a vote of confidence and in addition addresses the market’s want for entry automobiles. We consider Polkadot reveals important promise and remains to be within the very early levels. Each product we launch might be one thing the Osprey group has researched and believes is a sustainable crypto mission with important funding potential,” he stated.
Polkadot is among the many rising variety of non-Ethereum chains which were seeing a spike in natural developer exercise. Earlier this month six prime ecosystem tasks joined collectively to create an index token, PINT, and Clover Finance made DeFi migration simpler with an Ethereum-to-Polkadot bridge.