Coinbase Has Confirmed the Closure of the Cryptocurrency Index Fund

Leading US cryptocurrency company Coinbase confirmed the rumors about closing the cryptocurrency index fund for accredited investors that appeared earlier this week.

Coinbase Index Fund, which allowed the United States accredited investors to work with all present and future assets listed on Coinbase Pro (ex-GDAX), was announced in March of this year, and the immediate work began in June.

According to Coinbase representatives, there was a “huge interest” in cryptocurrency among investors who can afford to invest in digital assets in the amount of $250,000 to $20 million.

Rumors about the closure of the fund appeared earlier this week, and now a company spokesman confirmed that it will officially stop working until the end of this month. Customers will be redirected to a recently announced product called Coinbase Bundle.

The Coinbase Bundle service allows users to invest in several cryptocurrencies at once, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. At the same time, the share of each currency in the user’s portfolio is formed in accordance with the market share of these assets. The minimum investment amount in the Bundle is only $25.

“After assessing the level of demand from retail, accredited and institutional investors, Coinbase decided to close the Coinbase Index Fund. We will focus on providing diversified services to all investors through the Coinbase Bundle,” said a Californian company spokesman.

Again: Unlike the Index Fund, the Coinbase Bundle is open to all users and does not require accreditation. The minimum investment, in this case, is only $25, while in the Coinbase Index Fund this threshold was set at $250,000.

Also in the future, ZRX token will likely appear in the portfolio, the addition of which to the Coinbase Pro exchange was announced the day before.

Deposits started at 10 am on Thursday, California time, and after reaching the required level of liquidity, trading in the ZRX/USD, ZRX/EUR and ZRX/BTC pairs will be launched. As the exchange notes, residents of most jurisdictions will be able to trade ZRX, however, at this initial stage, the option will not be available to residents of the state of New York.