The Brokerage Platform with Cryptocurrency Operations and Currency Exchange Operator, Coinbase launches a cryptocurrency index, and you can invest with Bitcoin.
Coinbase President and COO Asiff Hirji stated the new product Tuesday, during a CNBC "Fast Money" appearance. Hirji told that the Coinbase Index Fund, which will initially be accessible only to accredited investors would hold market-weighted positions in the four cryptocurrencies currently on the GDAX, the company's commodity exchange, and any add-on crypto assets platform in the future. That means when it opens, Coinbase's cryptocurrency index fund will hold positions in Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Hirji said for those who expect to be attracted to the fund. In particular, both Hirji and Reuben Bramanathan, the product manager for the new index fund, said the company's priority is now skipping regulatory circles needed for the fund and "others it hopes to launch in the future" investors.We are expecting substantial retail demand when this is available, and we want to be in a position to accept this demand, stated Bramanathan Fortune.
Invest with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
At first glance, Coinbase Index seems to be similar to Grayscale Investments, the recently opened Digital Grade Fund, which holds weighted positions in the top five market-cap cryptocurrencies. However, there are several subtle differences.
Presently, the two funds have slightly different compositions. Grayscale's fund includes the Ripple's XRP token, which is not listed currently on the GDAX. Coinbase also said it plans to significantly expand its list of backed-up crypto assets, which means its fund will likely offer investors exposure to a broader range of assets than the Grayscale Fund at least on the road. Also, Coinbase allows investors to acquire shares using any cryptocurrency listed on GDAX, while investments in Grayscale are limited to fiat. That may prove to be an attractive option for current cryptocurrency investors. The Coinbase Fund, which has an annual management fee of two percent, is cheaper than Grayscale's, which pays three percent per year.
Posted from my blog with SteemPress : https://247cryptonews.com/coinbase-launches-the-cryptocurrency-index-fund/
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