Grayscale Investments, the manager of Grayscale Digital Large Cap Fund, has announced their updated fund component weightings for the fund.
The recently announced update was made possible through the sale and rebalancing of fund components in proportion to their respective weightings, while the cash proceeds were used to purchase chainlink (LINK).
The fund is set to anticipate and eliminate any difficulties in directly buying, selling, and storing digital assets. As of March 2021, the digital asset managers had roughly $41 billion under their management, with $34.7 of that in bitcoin (BTC).
Grayscale’s recent developments
This rebalancing update comes only a month after Grayscale announced their five new investment trusts, which included LINK. The Grayscale Chainlink Trust encourages and offers investors exposure to the price movement of LINK, the trust’s native token.
Chainlink runs on the Ethereum (ETH) blockchain and uses the LINK token to incentivize node operators on Chainlink to provide oracle services to transfer data from off-chain to on-chain sources.
With this recent redistribution of funds, the fund components amount of LINK reaches 0.90% and apparently indicates Grayscales’ confidence in LINK as a digital currency asset.
Chainlink continues to make waves in the crypto space
In February, Chainlink announced the mainnet launch of the network update Off-Chain Reporting (OCR). That launch marked a significant milestone for the decentralized oracle networks in terms of scalability.
The update is set to serve as a replacement to the previous FluxAggregator model. For Chainlink users, this can mean increases in accuracy, availability, and difficulty in tampering.
In January, SKALE Network partnered with Chainlink in order to utilize its oracle solutions. Through this partnership, SKALE is able to ensure quick and secure launches of new products and applications.
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