Coinbase to launch cryptocurrency index fund
The first announcement was done in an episode of CNBC Fast Money by Coinbase President & COO Asiff Hirji.
The coinbase index fund currently is only available to accredited investors in the US (those who have an income of at least $200000 and a net worth of at least $1 million) but as Asiff said in the interview they plan to make it accessible to everyone after the regulations are clear and make it as simple as possible to use.
Index funds are an easy way to get exposure to an asset class without having to worry about the challenges of picking the right cryptocurrency for your portfolio.
This signals another great step for the uninitiated to enter the crypto asset class. This will also be the trigger of similar offerings across countries that would be welcoming to index funds
The index fund will have crypto assets that will be weighted according to their respective market cap in terms of USD and the prices as per GDAX listing.
As of now, the index fund will be comprised of Bitcoin, Ethereum, Litecoin and Bitcoin Cash weighted as per m-cap.
The blog post also hinted at more funds aimed at the general investor base which will also cover more digital assets.
This is sign that they are looking to add more coins beyond the existing range. Speculators will be in a frenzy to find the future Coinbase listing as seen in the recent Coinbase – Ripple rumours.
Another day, another step towards global adoption !
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.