Crypto asset manager Grayscale has announced the launch of Grayscale Crypto Sectors and a new partnership with FTSE Russell, a global index provider, to debut the crypto sector indices.
The FTSE Grayscale Crypto Sector Index Series ("Crypto Sector Indices") refers to a set of five distinct, rules-based indices capturing the investable crypto market of Grayscale Crypto Sectors.
Cardano enthusiast and crypto capital venture CEO Dan Gambardello drew attention to the development on X, formerly Twitter.
"Grayscale Investments, the digital currency asset management giant primarily catering to institutional players, has just rolled out five new crypto sector indices, and one of the indices caters to smart contract platforms," Gambardello tweeted.
The crypto sector indices are divided into five categories: currencies, smart contract platforms, financials, consumers and culture, and utilities and services.
The Crypto Sector Indices include coverage of over 150 protocols, which will be reassessed quarterly to reflect the dynamic nature of the crypto asset class.
FTSE Grayscale smart contract platforms crypto sector index includes crypto assets that serve as the baseline platforms upon which self-executing contracts are developed and deployed.
Gambardello anticipates that with the introduction of the crypto sector indices, the door could be wide open for institutional exposure to Cardano. He cites Cardano's inclusion in the former Ethereum Smart Contract Fund, wherein it makes up 24% of the weighted average.
As stated in an accompanying release, Grayscale Investments CEO Michael Sonnenshein said investors have increasingly expressed interest in diversifying beyond crypto's largest assets, Bitcoin and Ethereum.
Gambardello believes that an institutional wave is coming for more than just Bitcoin and that Cardano, as a blue-chip cryptocurrency, is poised to ride it.
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