Grayscale, the world’s largest crypto investment platform recently added Chainlink and 4 other digital currencies to its large-cap assets.
Going forward, the Grayscale LINK Trust will be operational and available for investors on the platform. Investors will be able to buy Chainlink conveniently as security and avoid the hassle of directly buying and storing LINK.
The Grayscale investment Trust has become a major investment hub, particularly for institutional investors. This has significantly increased mainstream participation in the cryptocurrency space. Grayscale now has almost $43 billion in assets under management (AUM).
The platform delisted XRP in January following the SEC lawsuit against Ripple and its executives. At the time, the remaining XRP on the platform was liquidated, which could have contributed to the price fall. The listing of LINK will be a fill-in for the delisted XRP to offer more diversity to Grayscale investors.
This makes Chainlink the first DeFi token to be listed on Grayscale because of the performance so far. The digital currency has distinguished itself among the DeFi tokens to become the first to hit a billion-dollar market cap. This year alone, it has gained over 50%, reaching over $30 in price.
LINKUSD Chart By TradingView
Its growth started with the DeFi boom in 2020 and has not slowed down since. An analyst Timothy Peterson says it could reach a $1 trillion market cap in the next ten years as the interest in DeFi tokens and particularly Chainlink’s technology advances.
There is currently $1.5 million of LINK under the management of Grayscale already. With the growing interest in the token, the Trust may grow very fast and increase Grayscale’s entire assets under management in no time. At the moment, LINK is trading at $27.49 after a slight pullback, gaining 0.89% in the last 24 hours.
