Coinbase Confirms Shutdown of Crypto Index Fund Product
Crypto exchange Coinbase says its institutional investment is closing up on concentrate index funds, a spokesman told CoinDesk.
The spokesman told CoinDesk that the Coinbase Index Fund will be officially closed at the end of the year with the first launch earlier this year and will announce the recently announced Coinbase Bundle product on behalf of the customer. The news was first reported by The Block on Thursday.
The spokesman said:
"Coinbase has decided to close the Coinbase Index Fund after evaluating the needs of retailers, accredited institutions and institutional investors and will focus on providing diversified exposure to all investors through the Coinbase Bundle."
Unlike index funds, bundles are open to all Coinbase customers who do not require authentication. The minimum investment is only $ 25 for a fund of $ 250,000.
"We have decided to refocus the resources invested in managing the Coinbase Index Fund into other parts of the business," the spokesman concluded.
Coinbase Index Fund was first announced in March, but until mid-June, product manager Rueben Bramanathan wrote that institutional investors could invest between $ 250,000 and $ 2,000,000 on products.
At launch, the fund exposed US-based investors to bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, which were weighted by market capitalization.
Coinbase also announced the intention to add additional assets to the fund.
A day after confirmation that Coinbase announced the addition of the 0x Protocol token (ZRX) to its professional trading platform, Coinbase Pro, was confirmed. The exchange was able to deposit the deposit until Friday morning and later began trading.
In other words, retail investors are not yet able to access or trade ZRX via coinbase.com or mobile apps. Coinbase said Thursday that the tokens will be added to the platform at a future time.
Reuben Bramanathan image (Token Summit / YouTube)
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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