Grayscale Investments has filed to convert its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). GDLC currently trades over-the-counter and tracks the CoinDesk Large Cap Select Index, offering exposure to Bitcoin, Ether, Solana, XRP, and Avalanche, weighted by market capitalization.    

Ripple has revealed its exchange partners for Ripple USD (RLUSD), its upcoming USD-denominated stablecoin, which will be accessible via a network of global exchanges and platforms, including Bitstamp, Bullish, MoonPay, and Uphold. 

Top stories in the Crypto Roundup today:

• CoinDesk to Bolster Data Offerings with Acquisition of CCData and CryptoCompare
• Grayscale Seeks SEC Approval to Turn Multi-Token Fund into New Crypto ETF
• Ripple Reveals Exchange Partners for RLUSD Stablecoin

CoinDesk to Bolster Data Offerings with Acquisition of CCData and CryptoCompare

CoinDesk, a leading provider of news, events, indices, and data for the global crypto economy, announced today that it has acquired CCData, a U.K.-based benchmark administrator and digital asset data provider in a deal that also includes CryptoCompare, CCData's retail platform with over 300,000 active users.

The move significantly expands CoinDesk's information services and data products, while offering enhanced cross-selling opportunities to CCData and CryptoCompare's extensive client base.

CCData has been providing institutional-grade data solutions, digital asset index suits, and award-winning research to government, institutional, and retail clients for over a decade.

CoinDesk’s CEO, Sara Stratoberdha, noted the acquisition has potential to unlock greater opportunities for CoinDesk’s customers by integrating CCData’s high-quality data platform and retail suite across existing products and services.

Grayscale Seeks SEC Approval to Turn Multi-Token Fund into New Crypto ETF

Grayscale Investments has filed to convert its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). GDLC currently trades over-the-counter and tracks the CoinDesk Large Cap Select Index, offering exposure to Bitcoin, Ether, Solana, XRP, and Avalanche, weighted by market capitalization.    

Once approved by the U.S. Securities and Exchange Commission (SEC), the fund will trade on the New York Stock Exchange (NYSE) following a 19b-4 filing submitted by the exchange. A 19b-4 filing is a formal request that a stock exchange submits to the SEC to propose a rule change, such as listing a new security like an ETF. This filing requires the SEC to respond within a set timeframe.

This filing comes after the successful conversion of Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into ETFs earlier this year. However, both GBTC and ETHE have seen investor outflows exceeding $23 billion, according to Farside Investors.

Despite these challenges, Grayscale has continued to explore new opportunities, with the filing for GDLC potentially marking the firm’s fifth ETF launch this year.

Ripple Reveals Exchange Partners for RLUSD Stablecoin

Ripple has revealed its exchange partners for Ripple USD (RLUSD), its upcoming USD-denominated stablecoin, which will be accessible via a network of global exchanges and platforms, including Bitstamp, Bullish, MoonPay, and Uphold.

Ripple’s CEO, Brad Garlinghouse, noted that customers and partners have been looking for high-quality, regulated stablecoins to support various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance (DeFi).

RLUSD is set to be integrated into Ripple’s cross-border payment solutions, alongside XRP, to improve transaction speed and cost-efficiency.

RLUSD is issued under a New York Trust Company Charter, ensuring regulatory compliance. To oversee its introduction, Ripple has established an advisory board that includes former FDIC Chair Sheila Bair, former CENTRE Consortium CEO David Puth, and Ripple co-founder Chris Larsen.

RLUSD—which Ripple claims 100% will be backed by U.S. dollar deposits, government bonds, and cash equivalents—will be supported on the XRP Ledger and Ethereum blockchains.  Ripple is currently awaiting regulatory approval from the New York Department of Financial Services (NYDFS) for the public rollout of RLUSD.

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