Grayscale Adds Support For Cardano (ADA)

In another remarkable development for the Cardano ecosystem, leading cryptocurrency management fund, Grayscale, has added Cardano’s native token (ADA) to its large-cap fund.

Announcing the addition via its official Twitter handle, Grayscale disclosed that ADA is now the investment firm’s third-largest crypto holding.

According to the announcement, Cardano’s ADA was added to Grayscale portfolio during the company quarterly rebalancing of fund. The asset management firm sold off some existing digital assets and used the proceeds to acquire ADA.

Currently, the top three assets invested in the most on Grayscale portfolio include Bitcoin (67.47%), Ether (25.39%), ADA (4.26%). Also invested in the investment firm’s large-cap fund are BCH (1.03%), LTC (0.99%) and LINK (0.86%).

Edward McGee, Vice President of Finance at Grayscale, in his address expressed delight with the addition of Cardano (ADA). He said, “We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market.”

Nexo Platform Integrates Cardano

Meanwhile, Cardano has recently been recording remarkable growth as well as securing strategic partnership that will foster that growth.

Earlier, Nexo entered a strategic partnership with IOHK (Input Output Hong Kong) to integrate Cardano into its platform. The collaboration will enable ADA holders to buy, borrow, lend, and sell crypto on the Nexo exchange.

According to the announcement, the partnership will also allow token holders to earn up to 8% interest on their holdings. Furthermore, the partnership will boost Cardano’s utility and increase the platform’s value and popularity.

Antoni Trenchev, co-founder and Managing Partner of Nexo, in his statement noted that the partnership will facilitate both platform growth.

He said, “[…] Nexo’s business creates added utility for ADA, reducing selling pressure, boosting its value, and creating an influx of users, including people who might just be starting out in crypto. Reciprocally, Cardano broadens our total addressable market and expands existing clients’ options when investing funds via our platform.”

Similarly, the blockchain platform recently also announced a partnership with liquidity aggregation platform, Orion Protocol, and Chinese blockchain company, Nervos. The partnership is aimed at building a bridge of interoperability and making mainstream trading of crypto assets as easy as traditional finance.

ADA Price

Cardano’s native token has recorded remarkable growth this year setting a new all-time high of $2.45 on May 16, 2021. The token in the last 24 hours has rallied by 9.9% as the cryptocurrency market tries to recover from its recent bearish run.

Source: TradingView

According to CoinGecko, ADA was trading at $1.43 at the time of publication, with a 24-hour trading volume of $3,171,582,981, and a market cap of $45,834,124,029.

Additionally, Grayscale Bitcoin Trust (BTC) closed the week at $28.74 after gaining 0.9% on Friday.

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