Digital asset manager Grayscale has joined Bitwise to remove Ripple’s XRP from its large-cap crypto fund. Grayscale announced its plan on the 5th of January amid the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).
In a tweet, the digital currency asset manager announced:
“XRP was removed following DLC Fund’s Quarterly Review (12/31/20). No others assets qualified for inclusion.”
The company added that the Grayscale Digital Large Cap Fund consists of 4 digital assets. They are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). As noted in the table below the tweet, the Grayscale DLC Fund comprises 81.6% BTC, 15.9% ETH, 1.1% BCH, and 1.4% LTC.
About a week ago, the US SEC filed a lawsuit against Ripple and two of its top executives for raising $1.3 billion through the sale of unregistered tokens. Following the lawsuit, several exchanges have announced the delisting of Ripple’s native token XRP from their exchange platforms.
On the 29th of December, 2020, Crypto.com and Coinbase revealed that trading of XRP on their platforms would be suspended. In an announcement, Coinbase chief legal officer Paul Grewal said that the exchange would fully suspend XRP trading from the 19th of January, 2021, by 10 am Pacific Standard Time (PST).
Similarly, OKCoin also announced the suspension of XRP trading and deposits on its platform.