Crypto asset manager Grayscale has removed XRP from its Digital Large Cap Fund.

Announcing the news on Tuesday, Grayscale said it sold all XRP from the fund on Monday and bought more of bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH). XRP was approximately 1.46% of the fund.

The revised components of the fund are BTC (81.63%), ETH (15.86%), LTC (1.43%), and BCH (1.08%).

Grayscale did not mention the recent lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC) as a reason for removing XRP from the fund. But said Genesis Global Trading, the fund’s authorized participant, is suspending XRP trading on January 15, so it had to remove the asset.

Read Also:   Bitcoin effect? How soon can we expect crypto market cap to double

It is not clear whether Grayscale’s other XRP product, Grayscale XRP Trust, would face similar action. The Block has reached out to the firm and will update this story should we hear back.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

Grayscale removes XRP from its Digital Large Cap Fund

by Evan A. Warren
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format