Cryptocurrency exchange and wallet service provider Coinbase has announced updates to its Index Fund in a blog post published today, August 13.
The U.S.-based platform stated that it will reduce its Index Fund’s annual management fee “for all new and existing investors” from 2 to 1 percent, explaining:
“We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.”
Today’s announcement also includes news that the Index Fund has been rebalanced to incorporate Ethereum Classic (ETC), following the altcoin’s official listing on Coinbase last week.
Coinbase had announced plans to include ETC on its platform as early as mid-June of this year. A month later, Coinbase made a statement that company was considering adding five additional crypto assets to its listings –– Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
Coinbase first launched its Index Fund in mid-June with four major cryptocurrencies. The fund is open to investments from U.S. resident accredited investors only – those who have a net worth of more than $1 mln or an annual salary of more than $200,000 – who invest between $250,000 and $20 mln.