The digital currency market is currently suffering massive declines, but this hasn’t stopped the development of digital currency projects from moving forward. Blockchain projects are continuing with their developments, and some of them are moving faster with more partnerships and listings.
About Coinbase Index Fund
Coinbase Index Fund was created back in June, allowing accredited investors that are willing to assign a minimum of $250,000 up to a maximum of $20 million to this fund. The funds function as follows – the digital currencies supported by the fund are measured by market cap and then added to the product as such.
So if an investor puts $1 million in the fund today, the investor would get $720,000 worth of Bitcoin (BTC), $190,000 worth of Ethereum (ETH), $20,000 worth of Litecoin (LTC), $60,000 worth of Bitcoin Cash (BCH), and $10,000 worth of Ethereum Classic (ETC). Nevertheless, investors were not satisfied with the fees and the lack of support for several other digital currencies.
The Bid Of Coinbase To Charm Investors
To begin with, the firm said that it would reduce its fees for the Coinbase Index Fund to one percent annually. This is a significant reduction of 50 percent in the fees. This announce came from the Product Lead at Coinbase Asset Management – Reuben Bramanathan. He said in a statement that “they are pleased to announce that they have reduced the management fee for Coinbase Index Fund to one percent from two percent for all new and existing investors.
Secondly, Coinbase Index has readjusted to add Ethereum Classic (ETC) to account for the listing of ETC last week on the product arrays of Coinbase. However, this is not an unexpected move as the firm has earlier said they would provide Ethereum Classic (ETC) support for the index fund.
This is another great move that brings validation of the digital currency, which has been making the headlines more often over the past weeks.
Ethereum Classic (ETC) Price Today – ETC / USD
Ethereum Classic (ETC) is presently trading at $12.06 after an increase of more than 10 percent over the past twenty-four hours. The current market cap of the digital currency is $1.25 billion and its trading volume over the past twenty-four hours is $271.66 million.