A spokesperson stated, Digital currency exchange Coinbase is closing down its institutional-investor focused index fund product.
The spokesperson stated that the Coinbase Index Fund – first started earlier this year, will be formally closed by the end of this month, with clients instead directed to the recently-declared Coinbase Bundle product instead. The Block first reported the news.
The spokesperson stated:
“After evaluating demand from retail, accredited and institutional investors, Coinbase has decided to close down Coinbase Index Fund. We will concentrate on giving diversified exposure to all investors through Coinbase Bundle.”
Unlike the index fund, the bundle is open to all Coinbase customers with no accreditation needed. The required minimum investment is only $25, compared to the $250,000 for the fund.
The spokesperson concluded, “We’ve decided to refocus the resources dedicated to managing the Coinbase Index Fund to other parts of the business.”
The Coinbase Index Funds was first declared in March, although it didn’t go live until mid-June. When product lead Mr. Rueben Bramanathan wrote that institutional investors could invest anywhere from $250,000 to $20 million into the product.
Coinbase further declared its plan to add further assets to the funds should they be listed on any of its trading platforms as well.
The affirmation comes a day after Coinbase declared it was adding the 0x Protocol token (ZRX) to its professional trading platform, Coinbase Pro. The exchange only enables deposits of the token until Friday morning and started full trading later in the day.
That being stated, retail investors cannot access or trade ZRX through coinbase.com or its mobile apps. Coinbase confirms that the token would be added to these platforms shortly.