Grayscale Backs Two Altcoins, Layer-1 Network Expands into UAE
In recent developments in the altcoin market, Grayscale has announced two new investment products based on Lido DAO and Optimism, while the Aptos Foundation has opened a new office in Abu Dhabi, emphasizing the United Arab Emirates' goal to become a blockchain hub.
Grayscale continues to expand its altcoin investment products Grayscale has announced the launch of two new investment products backed by Lido DAO and Optimism. One of the largest Bitcoin ETF issuers worldwide, Grayscale introduced these new products today through a press release. The Lido DAO and Optimism investment products will provide investors with direct access to the assets of these protocols. However, the company particularly emphasized the Ethereum blockchain network, which serves as the underlying foundation for both protocols.
Rayhaneh Sharif-Askary, Grayscale’s Head of Products and Research, stated, "Grayscale Lido DAO Trust and Grayscale Optimism Trust play a significant role in the broader DeFi ecosystem by providing investors access to protocols that help enhance Ethereum’s efficiency, security, scalability, and adoption."
Grayscale has established itself as a highly experienced company in providing indirect investment in crypto assets by offering non-ETF investment vehicles. Earlier this month, the crypto asset management firm also introduced an XRP investment product along with a new product based on XLM among other companies' ETF applications.
Interest in the DeFi ecosystem is growing Lido DAO contributes to the adoption of the Ethereum blockchain by enabling liquidity for staked Ethereum assets, while Optimism focuses on improving the scalability of the Ethereum network. Both protocols are regarded by Grayscale as critical components contributing to the DeFi ecosystem.
Aptos Foundation aims to become the UAE's blockchain hub The Aptos Foundation, a leading organization in the global blockchain industry, has announced the opening of a new office within the Abu Dhabi Global Market (ADGM). This move reinforces the United Arab Emirates' (UAE) status as a hub for blockchain and Web3 innovations. The new office aims to promote regional partnerships, accelerate blockchain adoption, and expand the Aptos ecosystem.
ADGM continues to attract blockchain leaders As the UAE emerges as a global leader in blockchain and Web3 adoption, it creates a favorable environment for innovation. The Aptos Foundation’s Abu Dhabi office will serve as a regional hub collaborating with developers, institutions, and investors. This expansion by the foundation highlights its commitment to accelerating blockchain integration worldwide.
Aptos Foundation President Bashar Lazaar pointed out the region's progressive stance on Web3. Lazaar stated, "As the UAE leans strongly into Web3, it is positioning Abu Dhabi as a global leader in the blockchain space. This opening presents a unique opportunity to connect with builders, institutions, and investors in the field."
ADGM’s blockchain-friendly approach ADGM is recognized for its blockchain-friendly regulatory framework, attracting major players in the industry. In addition to Aptos, ADGM has drawn several significant platforms in the blockchain space. For instance, TON Foundation has registered under ADGM's Distributed Ledger Technology (DLT) framework, focusing on the MENA and APAC regions.
Similarly, Chainlink Labs has established operations in ADGM to meet the growing demand for decentralized finance solutions in the Middle East. Polygon Labs has also joined the ADGM ecosystem, focusing on transparency and international disclosure standards.
Additionally, ADGM's regulatory openness and emphasis on innovation have attracted major crypto companies like Tether. Tether’s stablecoin USDT has become a recognized virtual asset within the Abu Dhabi financial ecosystem.