Oracle Token Chainlink Replaces XRP in Grayscale's Strategic Large Cap Fund

Blockchain Jan 6, 2023 0 87 Add to Reading List

The digital currency manager Grayscale Investments announced that the firm has updated its Digital Large Cap Fund (GDLC) in order to add the crypto asset chainlink to the fund. Chainlink is the popular blockchain oracle network and the token will replace XRP after Grayscale removed the digital currency from the GDLC.

Chainlink Added to Grayscale’s Digital Large Cap Fund

Following Grayscale’s recent announcement telling the public that it intends 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). Last year, the GDLC contained the digital currency XRP, but Grayscale dropped the token off the roster after the recent Securities and Exchange Commission’s issues with Ripple Labs.

In addition to chainlink (LINK), the GDLC fund contains bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC). Each crypto asset has a different amount in the GDLC fund and Grayscale revealed the GDLC holdings on April 2, 2021.

“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),” Grayscale notes. “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% Against the US Dollar in 12 Months

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 gives investors exposure to exposure to the price movement of the LINK, the decentralized data routing protocol built on Ethereum (ETH). Grayscale adding chainlink also follows the recent rise in oracle-based tokens.

Chainlink (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. Chainlink is down a touch over 8% since reaching an all-time high (ATH) two months ago touching $36.59 per unit.