Chainlink tokens trump Ripple’s XRP in Grayscale Large Cap corpus

Grayscale drops XRP after Ripple’s tussle with the SEC
  • Grayscale Investments is a Digital Asset Manager, which has recently announced that it will incorporate Chainlink into its network.
  • Investors can now be aware of the price fluctuations on the popular oracle network and make more effective investment choices.

Following the recent market trends, Grayscale Investments has decided to make a few changes to its roster. It also includes the significant move of dropping XRP from its Grayscale Digital Large Cap Fund (GDLC) and including the popular oracle network Chainlink’s token.

Ripple’s kerfuffle with the SEC

XRP is the native token of Ripple Inc., a company specializing in the distributed ledger technology built around the blockchain framework. However, a few months back, the United States Securities and Exchange Commission (SEC) had sued the firm over unlawful sale of unregistered securities. The complaint also mentioned that CEO Brad Garlinghouse had raked in investments via the sale of XRP tokens even when the firm had not registered the securities or applied for an exemption. In response, the company stated that cryptos do not fundamentally fall under the category of securities and plan to go to trial, stating that the matter was out of the SEC’s jurisdiction.

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However, XRP tokens have taken a strong hit in domestic markets, at least, if not international ones, when news of the lawsuit became public. This is the primary reason for Grayscale to drop XRP from its GDLC corpus.

Chainlink oracles’ popularity

Chainlink is a network of nodes, named oracles, which feed any blockchain with real-world off-chain and up-to-date data. It has immense potential, and its services are currently employed in several use-case subsidiaries, including the extremely popular Polkadot chain and designed on top of the Ethereum chain, Chainlink tokens’ (LINK) price 21% this week alone, 96% over the last one-and-half months. Moreover, it has also increased significantly over 1223% against the US dollar over the past year, with its all-time high pegged at $36.59.

Grayscale had already announced that it would be converting its Bitcoin trust into an exchange-traded fund (ETF) earlier this month. The GDLC corpus would comprise a basket consisting of 79.8% BTC, 0.80% Bitcoin Cash (BCH), 17.5% and 1% of ETH and Litecoin, respectively, and finally 0.90% of Chainlink (LINK).

Thus, a significant change has been made to the GDLC corpus, and it is expected to amend the components as and when LINK’s popularity increases in the future.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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