Coinbase has officially launched its new cryptocurrency index fund, a product specifically catered to large investors, enabling access to all five cryptocurrencies listed on the platform.
Launched on Wednesday, Coinbase said it had received ‘overwhelming interest’ from investors ever since its original announcement confirming the new crypto index fund earlier in March. The development comes amid a revamp and rebrand of its previous trading platform GDAX which has since spun into ‘Coinbase Pro’.
All cryptocurrencies currently listed on Coinbase, namely bitcoin, ethereum, bitcoin cash, litecoin and most recently ethereum classic, will be accessible for investors and will be weighted by market capitalization, according to product lead Reuben Bramanathan.
As reported previously, the service will initially be available to accredited investors with a minimum investment of $250,000 and a ceiling of $20 million.
The current composition [PDF] of Index Fund will be rebalanced to include ethereum classic (ETC) after the exchange operator confirmed upcoming support for ETC earlier this week.
Although the fund is now live, it isn’t available to all users in the 30+ countries where Coinbase has a presence in.
At this stage, Coinbase Index Fund is only open to US-resident accredited investors.
Without revealing any specific details of the company’s roadmap, the executive confirmed Coinbase is “working on launching more funds which are accessible to all investors” beyond large and accredited clients as well as working toward listing “a broader range of digital assets” in the future.
Featured image from Shutterstock.
Last modified: March 4, 2021 5:08 PM