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Grayscale receives approval for crypto funds

Grayscale's Digital Large Cap Fund (DLC) shares received green light this week from the Financial Industry Regulatory Authority (FINRA) as a press release on 80. October confirmed

Grayscale, currently the world's largest cryptocurrency asset manager, has been operating the DLC since its inception 2018

The investment vehicle enables institutional clients to gain access to the price of multiple crypto currency values ​​without assuming the direct trading risk and compliance obligations. The approval will initiate a one-year cooling-off phase in which the DLC shares will not be publicly tradable under US securities laws.

“There will be no trading volume in the public listing of the stocks until the stocks are DTC eligible, which GDLC will receive shortly,” the press release continues.

Investors will be able to buy and sell freely tradable DLC Shares through their investment accounts in the same way as other unregistered securities. The DLC currently consists of 80% Bitcoin, followed by 9.9% Ethereum. The other minority components are Bitcoin Cash, Litecoin and XRP.

Grayscale stays positive

Earlier, the company revealed that its institutional interest remained constant throughout the second quarter of this year. According to the vivid Digital Asset Investment Report released in July, executives revealed that institutions are still curious about cryptocurrency despite the end of the bullish market phase in April.

“We see institutional investors investing with us all the time, and that's been the case for a long time.”

The mood seems rather negative at the moment and many analysts suspect a further decline of Bitcoin. Therefore, it is not so bad that industry research revealed that the coverage of institutional interest peaked in September.

A positive decision on another forward-looking investment vehicle – the first Bitcoin Exchange Traded Fund (ETF) – could have massively improved sentiment. However, this did not happen as the US regulators refused to enter the market.

Text Proof: bitcoinist