Coinbase Updated Two Details of Its Index Fund to Attract Investors
Californian cryptocurrency exchange Coinbase revealed on 13 August it has made several changes to its Index Fund.
The famous San Francisco-based crypto player, Coinbase, announced on 13 August through a blog post that it will cut its Index Fund’s annual management fee “for all new and existing investors” from 2% to 1%, commenting:
“We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.”
In the same announcement, the company was excited to announce that the Coinbase Index Fund is now offering support for Ethereum Classic (ETC), as a result of its listing on Coinbase exchange. According to the blog post, the Index Fund will add a new crypto asset every time these are listed on Coinbase. Currently, the parent company tests five other cryptocurrencies for listing, counting Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x.
Coinbase continues to meet customers’ requirements
The cryptocurrency company does not cease to draw the attention of investors, nor to keep the loyal ones. As previously reported by Coindoo, Coinbase announced on 1 August that its customers based in the UK now have another reason to use the US company’s services as it has added the British Pound to the portfolio of supported fiat currencies.
A week later, Coinbase kicked again with another appealing news. It opened its doors in Wyoming state after three years of absence. The reason for the cessation of crypto operations in 2015 was the company’s failure to comply with the Money Transmitter Act.
The Coinbase Index Fund was released in June 2018, providing support for four influential cryptocurrencies, counting Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The fund is dedicated to the U.S. investors with a net worth of over $ 1 million or an annual salary of more than $ 200,000 who are able to invest between $ 250,000 and $ 20 million.