Grayscale Replaces XRP With Chainlink

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Last Updated on 8 April 2021 by CryptoTips.eu

Jeroen Kok

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Grayscale Investments, the world’s largest asset manager for digital investments, made a surprise reveal earlier this month when it replaced its XRP holdings with Chainlink. The Blue Chip DeFi coin Chainlink thus gets a lot of positive investment press and attention from institutional investors.

Given the current good tidings surrounding Ripple Labs, which has seen its native coin XRP rise to above $1 for the first time since 2018, it sure was a strange announcement, but given that a company like Grayscale needs to let several weeks pass between reordering and announcing, it was a bit expected.

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In the wake of Ripple Labs being sued by the US Securities and Exchange Commission, Grayscale announced to its investors that it was replacing its XRP holdings with a similar sized investment in Chainlink, the popular DeFi coin that has been in the CoinMarketCap top 10 for several months on end now.

Chainlink itself is enjoying a fantastic 2021 so far, having risen almost 200% year-to-date.

The Link Marines, the group of social media commentators supporting the coin, welcomed the news.

Grayscale explained in it’s press release that it:

Adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Chainlink (LINK) in accordance with the Fund’s construction criteria.