It's meant to act as a tool for the individual investor. Investors will be required to make a minimum $10,000 investment to participate in the fund.
The company executives explained the limited services by stating that the plan will be open to masses if the regulatory hurdles pass. Coinbase is not the first company to offer an index fund, Gray Scale, a digital assets tracking company has already introduced it for Bitcoins.
For this fund investors will also have to be accredited and U.S-based, although Coinbase hopes to remove those restrictions for future funds.
For the time being, the fund will be available to the USA resident accredited investors only.
No franchise tag for Cousins, now set to hit free agency
Some have speculated Cousins might come to Denver, while others say he's more likely to go to Minnesota or the New York Jets . A solidly above-average passer at 29 years old, quarterbacks of his caliber and age nearly never reach free agency.
"We are noticing people coming to the space for the first time, being excited about cryptocurrencies, but not knowing where to start, so we're excited to give people the ability to get broad exposure to the entire asset class rather than having to select individual investments."Investments can be made in USD, BTC, ETH, BCH, or LTC. The customers can invest on a monthly basis and withdraw every quarterly. While digital currency operators are equipped at spotting the more obvious frauds, its getting increasingly hard to keep a track of cryptocurrencies which are used for drugs and other illicit goods.
The customer who sued alleges that employees were tipped off a month in advance, allowing them to instantly swamp Coinbase with buy and sell orders and leaving other traders at a great disadvantage, Bloomberg reported.
Coinbase announced Tuesday that it will launch an index fund product.
The ongoing legal battle between Coinbase and the U.S. government dates back to November, 2016, when the IRS filed a "John Doe summons" in the United States District Court for the Northern District of California.