World’s Largest Crypto Asset Management Firm Launching Support for Cardano
Grayscale, the world’s largest crypto asset management firm, is adding Cardano (ADA) to its suite of investment products.
The firm says it’s adding ADA to the Grayscale Digital Large Cap Fund, which offers retail and institutional investors exposure to a basket of altcoins.
Although it’s a new addition, Grayscale is making ADA the third-largest holding in the fund.
As of July 1st, the fund consists of 67.47% Bitcoin (BTC), 25.39% Ethereum (ETH), and 4.26% Cardano (ADA).
About 1% or less of the fund is allocated to Bitcoin Cash (BCH), Litecoin (LTC), and Chainlink (LINK).
Grayscale used to hold XRP in the fund but removed it early this year after the U.S. Securities and Exchange Commission accused Ripple of selling the crypto asset as an unregistered security.
Grayscale says it’s considering whether to support a long list of altcoins, including Solana (SOL) and Polygon (MATIC).
Cardano is a blockchain network launched by Ethereum co-founder Charles Hoskinson.
The platform is expected to roll out smart contracts in August which would make it a direct competitor to Ethereum, targeting its first-mover advantage.