While it’s not the Ripple-listing news many were hoping for, Coinbase President and CEO Asiff Hirji announced late Tuesday that the popular digital-currency platform is launching a cryptocurrency index fund. Hirji told CNBC during an interview on Fast Money that the planned index fund is intended to give retail investors broad exposure to digital currencies.
Coinbase Index Fund will give investors exposure to all digital assets listed on Coinbase’s exchange, GDAX, weighted by market capitalization. If a new asset is listed on the exchange, it will be automatically added to the fund.
At this stage, investing in Coinbase Index Fund will only be available to US-resident, accredited investors. We’re working on launching more funds which are available to all investors and cover a broader range of digital assets.
Other details about the Coinbase Index Fund:
- Current weighting is 62% Bitcoin, 27% Ethereum, 7% Bitcoin Cash, 3% Litecoin
- Minimum investment of $10,000
- Only available to accredited investors with a specified net worth
- Monthly investment window and they accept USD, BTC, ETH, BCH, LTC
While the markets have not yet responded to this news, it is yet another massive step towards wide-scale adoption of cryptocurrencies. We will be monitoring the situation closely and will report on any further revelations.
Breaking: Coinbase announces an index fund. A market-cap weighted index fund underpinned by Coinbase Index. Accredited investors only. pic.twitter.com/aggN42MQjb
— Collin Crypto (@CollinCrypto) March 6, 2018