The crypto exchange Coinbase is in the latest cryptocurrency news, after shutting down its institutional-investor focused index fund product. The announcement was officially confirmed by the exchange from a spokesperson.
As the spokesperson said, the Coinbase Index Fund – which launched earlier this year – will be closed by the end of this month, and the customers will be instead directed to the recently-announced Coinbase Bundle product instead. The news was first reported by The Block.
The spokesperson also said:
“After assessing demand from retail, accredited and institutional investors, Coinbase has decided to shut down Coinbase Index Fund. We will focus on providing diversified exposure to all investors through Coinbase Bundle.”
Unlike the index fund, this bundle is now open to all Coinbase customers and there is no accreditation required. The minimum required investment is only $25 compared to the $250,000 for the fund.
Alongside the shutdown, Coinbase also announced its intention to add further assets to the fund – should they be listed on any of its trading platforms as well. This comes a day after Coinbase announced that it is adding the 0x Protocol token (ZRX) to its professional trading platform, Coinbase Pro.
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