Coinbase has reportedly taken the choice to close down its cryptocurrency index fund after lack of interest.
An informant near the matter instructed The Block the cryptocurrency change’s market-weighted index failed to draw sufficient interest from accredited traders.
It seems the index didn’t carry out in addition to Coinbase forecast. The fund focused at accredited traders required a minimal funding of $250,000.
Coinbase not too long ago turned its consideration to extra informal traders with its Coinbase Bundles. Similar to an index fund, however it’s only a bundle of high cryptocurrencies of the day, investments begin from as little as $25.
Cryptocurrency funding platform Abra additionally not too long ago launched its BIT10 market tracking token. Like an index fund, it tracks the markets high 10 cryptocurrencies of the month. BIT10 may be purchased from $5.
It appears cryptocurrency exchanges are nonetheless intent on providing index-styled investments, however clearly the success of such merchandise might not be with massive cash traders.
Hard Fork reached out to Coinbase for touch upon the matter, we are going to replace this piece if we be taught extra.
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Published October 12, 2018 — 12:08 UTC