Crypto asset manager launches new fund focused on decentralized artificial intelligence
According to a press release shared with The Block, the quarterly rebalancing Grayscale Decentralized AI Fund LLC aims to strengthen its AI-related investment efforts in the cryptocurrency industry. The Decentralized AI projects already included in the fund’s basket at launch today are Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). Near, Filecoin, and Render are the fund’s highest-weighted holdings, respectively.
that much According to the announcement, the fund will focus on funding projects in three areas: chatbots, generative images, and other decentralized AI uses; solving centralized AI problems like deepfakes, misinformation, and bot authentication; and AI-related infrastructure like GPU compute, data storage, decentralized marketplaces, and other services..
“The rise of disruptive technologies has created compelling opportunities for Grayscale investors since our founding in 2013, and we believe the launch of the Grayscale Decentralized AI Fund provides an opportunity to invest in decentralized AI at its earliest stages,” Rayhaneh Sharif-Askary, Grayscale’s head of product and research, said in a statement. “Blockchain-based AI protocols embody the principles of decentralization, accessibility, and transparency, and the Grayscale team is confident that these protocols can help mitigate the fundamental risks that come with the proliferation of AI technologies.”
Grayscale launched a NEAR-focused trust in May of this year, providing investors with diversified cryptocurrency exposure. NEAR was trading at $6.13 as of 9:13 AM ET (1:13 PM UTC) on July 17, up 0.42% over the past 24 hours.
The Grayscale Bitcoin Trust, a spot Bitcoin exchange-traded fund from a crypto asset manager, is the second-largest spot Bitcoin ETF, behind BlackRock’s IBIT, according to The Block’s Data Dashboard. GBTC has $17.68 billion in assets under management as of July 16.
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