The fifth-most valuable crypto by market cap will make up 4.26% of the Digital Large Cap Fund. Most of Grayscale’s Digital Large Cap Fund is still Bitcoin (67.47%) and Ethereum (25.39%) but the company wanted to add Cardano, the fifth largest cryptocurrency by market cap, to diversify its portfolio, it said. Cardano is a blockchain platform that competes with the likes of Ethereum. Cardano’s founder, Charles Hoskinson, also co-founded the Ethereum network. The project calls itself the “first third generation cryptocurrency” and, like Ethereum, aims to be a platform on which people can create smart contracts (bits of code that carry out instructions automatically.)
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