Grayscale Investments started giving iCapital Network's more than 6,700 network advisors serving high-net-worth clients access to digital currencies through a Grayscale diversified market-cap weighted investment strategy as part of a partnership announced by the companies on Monday.
Advisors in the iCapital network and their clients now have "seamless access" to Grayscale's digital currency strategies, they said. This is the first time a digital currency offering will be available on the iCapital platform.
The initiative, designed to meet growing investor demand for this "burgeoning asset class," combines iCapital's education, technology and investment administration capabilities with Grayscale's digital currency expertise and leadership, the firms said.
"Advisors and their clients have expressed increasing appetite for uncorrelated return potential in their portfolios, and digital currencies are at the center of the conversation right now," according to Lawrence Calcano, iCapital Network CEO and chairman. Grayscale has the "experience to help investors navigate this dynamic asset class," he said in a statement.
Citing data from a recent Grayscale survey, the companies said 61% of advisors had been approached for information about cryptocurrencies by clients and 79% planned to increase recommendations of cryptocurrency investments in the next year if their firm recommends them.
