Grayscale Adds Cardano to Its Digital Large Cap Fund
2 Jul, 2021•1 min read•Altcoins
Grayscale Investments added ADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund.
The digital-asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA, an announcement Friday said. The addition comes as part of Grayscale's quarterly rebalancing of the fund. In April, this saw the addition of Chainlink's LINK token. Cardano is a proof-of-stake blockchain that aims to improve on the scalability and efficiency of Ethereum. ADA has risen more than 600% year to date, and is sitting at $1.36, up 1.81% in the last 24 hours at press time. Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.