US-based popular cryptocurrency exchange Coinbase has announced that its Index Fund, which was first launched in March, is now open for investments, for institutional investors who can invest a minimum of $250,000 and up to $20 million.
Coinbase Index Fund gives investors the exposure to all assets listed on its exchange, weighted by market capitalization. The fund will be rebalanced to include Ethereum Classic, and more assets when they are listed by Coinbase in the future. The fund charges an annual management fee of 2%.
Currently, the fund is open only for US-resident accredited investors – those who have a net worth of more than $1 million or an annual salary of more than $200,000. The company said it is working on launching more funds which are accessible to all investors and cover a broader range of digital assets.
The launch of the Coinbase Index Fund comes at a time when the market is bearish with almost every asset listed on the exchange in red currently. It is, however, expected to attract investors with deep pockets.
Overall, Coinbase has been on the expansion spree. It just recently announced that they will be listing Ethereum Classic (ETC) cryptocurrency in the coming months. It is also inching closer towards being SEC-compliant.
