Digital assets fund manager Grayscale showing significant inclination toward Cardano
Due to upcoming upgrades in the Cardano Blockchain network, a huge inflow of funds can be seen in the Cardano ecosystem.
Cardano is a 6th-ranked crypto project, in terms of 24 hours trade volume of its native token ADA. The project team behind the Cardano project always remains ready to bring real need-based development works, instead of trend-based works. Last year, Cardano was the top crypto project, which showed the highest development activities in the crypto industry.
This month, the Cardano blockchain will go through a network upgrade. This upgrade is known as Vasil Hardfork and it is expected that it will take place on 29 June. Due to the upgrade plan in the Cardano Blockchain network, the majority of the crypto traders are looking to grab opportunities because it will surely bring huge popularity for this coin in the industry in that time frame, and also that will result in a significant increment in the price of ADA coin.
On 7 June, CryptoCapitalVenture founder Dan Gambardella took to Twitter to share interesting information regarding the Inflow of funds from giant digital assets fund manager firm Grayscale in Cardano.
Dan noted that Grayscale allocated funds in Smart Contract Platform ex Ethereum Fund (GSCPxE) to 32.33% per share, which includes 4.34 ADA in it.
Due to an increase in allocation in Cardano (ADA), Grayscale’s allocation in Polkadot & Solana has plunged significantly. Allocation in Avalanche ($AVAX) plunged to 10.4% from 18.4% since march.
Michael Sonneshein, the chief executive officer of Grayscale investment, said that the GSCPxE fund, which was launched in March, is an option for Investors to get investment opportunities in in the diversified crypto ecosystems like Defi & decentralized applications based crypto projects.
In 2021, Grayscale added Cardano (ADA) to the Digital Large Cap Fund (GDLC), after that investors in GDLC secured huge profits because ADA surged by around 1000% within 12 months of the time frame.
Read also: Grayscale is more confident against SEC to convert GBTC into ETF with new hiring
