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Coinbase’s Index Fund opens for large-scale investments

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The largest US cryptocurrency exchange Coinbase announced yesterday that its Index Fund was now opened for large-scale investments.

The company said in a blog post that it had seen “overwhelming” interest from investors following its announcement of the fund in March of this year. Coinbase also said that at this stage it had opened the fund to people who want to invest $250,000 to $20 million.

“Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization,” said the company, adding that the fund would be rebalanced to include Ethereum Classic, “and more assets when they are listed by Coinbase in the future”.

Earlier this week, Coinbase announced that it was adding support for Ethereum Classic (ETC) across most of its products, including Coinbase Pro, Prime and Custody. The move, which is expected to be finalised in the coming months, would make ETC the fifth crypto asset in Coinbase’s portfolio.

Coinbase said yesterday that, at this stage, Coinbase Index Fund was only open for US-resident accredited investors. However, the company indicated that it had plans to target a wider audience in the future.

“We’re working on launching more funds which are accessible to all investors and cover a broader range of digital assets,” the company said.

Coinbase has in recent weeks taken steps to attract large investors to its platforms. The aforementioned Coinbase Custody and Prime products were launched last month, as part of a larger product suite aimed at institutional investors. It also rebranded its flagship trading platform, GDAX, as Coinbase Pro, in “recognition that the individual active trader requires a product completely dedicated to their specific needs”. It also acquired Paradex, a relay platform that allows users to trade ERC-20 tokens from their crypto wallets, including some hardware wallets, such as the Ledger wallet.

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