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Grayscale Adds Chainlink to Its Digital Large Cap Fund
The native token of decentralized oracle network Chainlink fills the void left in the fund after the removal of XRP.
Grayscale Investments, the world's largest digital asset manager, has added Chainlink's LINK cryptocurrency to its Digital Large Cap Fund, providing a possible tailwind to the coin.
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- The native token of decentralized oracle network Chainlink fills the void left in the fund after the removal of XRP, the native token of Ripple Labs, in the wake of that company being sued by the U.S. Securities and Exchange Commission.
- Chainlink's oracles act as a bridge between cryptocurrency smart contracts and off-chain data feeds.
- Becoming a component of a popular fund often creates demand for an asset and thus its price. In the last 24 hours, the price of LINK is up 4.29%, trading at $32.25 at press time. It has risen more than 190% this year, according to the CoinDesk 20.
- The Digital Large Cap Fund has assets under management (AUM) of $538.2 million, according to Grayscale.
- Private placement in the fund is only offered at certain times of the year and is currently closed. Grayscale is owned by Digital Currency Group, the parent of CoinDesk.
Read more: Chainlink Hits Record High, Altcoins Rally Amid Bitcoin Consolidation
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
