Crypto exchanges and investment companies are on the lookout for altcoins with substantial utilities and the potential to gain high market caps in the next few years. Crypto exchange Coinbase announced four new low-cap projects. Grayscale, a crypto investment firm, is considering over 20 new coins for investment projects; the company recently added AMP to its DeFi fund, visit bitcoinmillionaire-pro.com.
Coinbase New Listings
Coinbase is one of the top three largest crypto exchange platforms worldwide. The firm processes daily trade volume worth over $3 billion. This exchange is well renowned for its listing power, otherwise called the "Coinbase effect." This is reflected by the exponential increase in the prices of newly listed tokens over the years. When the exchange was first launched, it offered just a few assets, including Ether, Litecoin, and Bitcoin. When Bitcoin Cash got listed some years back, the firm's listing effect caused it to build up volume and cap at a fast rate in a short period.
The firm still has this effect. Last Wednesday, it announced through its Twitter page that four new tokens had been listed on the platform. This surprised many because the listed tokens are relatively unknown to most crypto users and have very low market capitalization. None of these coins fall into the top 500 coins and tokens by market cap.
The new tokens are DIA, Maple (MPL), Unifi Protocol DAO (UNFI), and Cryptex (CTX). Coinbase says that these new listings are a way of showing their commitment to bringing in diverse tokens this year.
Cryptex (CTX) is now available on Coinbase
Cryptex CEO and co-founder Joe Stucco expressed his optimism about benefiting from a Coinbase listing. In an interview with Cointelegraph, the team's leader gave a briefing about the team's goal for the token. He said that Coinbase had provided a platform for the token to reach all regions of the world, regardless of their nimble state.
Within the first 24 hours of being listed by Coinbase, CTX was up 10%. Right now, the coin is trading at almost $11.
Speaking on the token's utility, Stucco explained that the project is a Decentralized Autonomous Organization (DAO) that tracks the total crypto market cap using the TCAP index. He said that his team's goal is to solve complex problems to simplify the finance industry for all involved. He concluded by saying that his team will do all they can to rise to the point of being considered by Grayscale for investment projects.
Grayscale's Potential Investment Options
Grayscale is the most prominent digital asset manager worldwide.
The company announced during the week that it was looking at 25 potential tokens that could be added to its ever-growing chain of investment products.
The assets being considered include VeChain (VET), BitTorrent (BTT), Algorand (ALGO), Monero (XMR), Fantom (FTM), Gala, Stacks (STX), Axie Infinity (AXS), Arweave (AR), Decred (DCR), Bancor (BNT), Bora, Cosmos (ATOM), Gelato (GEL), Convex (CVX), Holo (HOT), Elrond (EGLD), Helium (HNT), Enjin (ENJ), Universal Market Access (UMA), Oasis Network (ROSE), The Sandbox (SAND), Yield Guild Games (YGG), and Spell Token (SPELL).
Unlike the new coins listed by Coinbase, Grayscale's potential projects are relatively well known by crypto investors. According to CoinGecko, most of the tokens under consideration are among the top 100 coins by market cap.
Axie Infinity (AXS) is a token for the play-to-earn game. In the past year, the Axie Infinity game has seen tremendous success, having increased from a $48 million market cap at $0.97 trades at the start of 2021 to a current market cap of $3.6 billion at $51.90 trades.
VeChain (VET) is the native token on the VeChainThor blockchain system. It was initially launched on the Ethereum network in 2015 as an ERC-20 project. VET is used in the supply chain sector for tracking and managing goods in the system.
Other projects being handled by Grayscale
Potential coins and tokens aside, Grayscale updated its investors on the addition of Amp to the firm's DeFI fund. This fund has over $7 million in AUM despite its sharp decline of 35% since its launch in Q3 2021.
Grayscale's portfolio, containing about 15 crypto investment products, has over $54 billion in assets and is managed by AUM. The company's Ethereum trust and Bitcoin trust account for the bulk of this value at $30 billion.
Within the next few months, the company will announce its position on the tokens being considered.