Chainlink Replaces XRP in Grayscale Digital Large Cap Fund
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Chainlink Replaces XRP in Grayscale Digital Large Cap Fund

April 7, 2021      Deepshikha Gupta

Grayscale Investments made a recent announcement about the update of its Digital Large Cap Fund (GDLC). The digital currency manager intends to add the crypto asset Chainlink to the fund. Following Grayscale’s recent announcement telling the public that they want to transform the GBTC bitcoin trust into an exchange-traded fund (ETF), the organization revealed that chainlink (LINK) will be joining the Digital Large Cap Fund (GDLC) (OTCQX: GDLC). 

Chainlink Added to Grayscale’s Digital Large Cap Fund

Chainlink is the popular blockchain oracle network and the token will replace XRP after Grayscale removed the digital currency from the GDLC. The previous year, the GDLC contained the digital currency XRP, but Grayscale dropped the token off the roster after SEC issues with Ripple Labs.

In addition to chainlink (LINK), the GDLC fund contains Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), and Litecoin (LTC). Each crypto-asset holds a dissimilar amount in the GDLC fund and Grayscale revealed the GDLC holdings on April 2, 2021, stating;

“As of the end of the day on April 2, 2021, the Fund Components were a basket of 79.8% bitcoin (BTC), 17.5% Ethereum (ETH), 0.80% bitcoin cash (BCH), 1.00% litecoin, and 0.90% chainlink (LINK).” 

“Each Share represented 0.00046619 bitcoin, 0.00287637 Ethereum, 0.00046869 bitcoin cash, 0.00166308 litecoin, and 0.00973831 chainlink,” the digital asset manager’s disclosure added.

Chainlink’s Rise: Oracle Token Built on Ethereum Gained 1,223%

The changes to Grayscale’s GDLC fund follow the recent introduction of the organization’s single-asset investment vehicle the Chainlink Trust. The LINK-based trust provides investors the exposure to the price movement of the LINK. Grayscale adding LINK also follows the recent rise in Oracle-based tokens. it is down a touch over 8% since reaching an all-time high (ATH) two months ago touching $36.59 per unit.

According to the statistics, LINK is up 21% this week, 18.3% during the last month, 96% over the last 90-days, and a whopping 1,223% against the USD during the last 12 months. 

 

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#Bitcoin (BTC) #Bitcoin Cash (BCH) #Chainlink (LINK) #Chainlink Added to Grayscale’s Digital Large Cap Fund #Chainlink Replaces XRP #Ethereum (ETH) #Litecoin LTC
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.