According to internal sources, Coinbase is closing its cryptofund to devote itself to retail offers.
In March, the important US operator announced its intention to dedicate itself to a fund with a performance index linked to cryptocurrencies and dedicated to professional operators who want to invest in the virtual assets sector.
Unfortunately, according to the same internal sources, the fund was not able to attract the expected number of professional clients, so the capital raised was not considered adequate. At the time of the launch, a Coinbase executive spoke to Bloomberg about a “strong demand from institutional operators“.
The timing of the launch and collection, however, coincided with the cryptocurrency boom at the end of 2017, but interest subsequently declined.
At the same time, the market has seen the entry of other players such as Bitwise Asset Management, Abra and Galaxy Index, which have made Coinbase’s entry too complex.
The Coinbase Bundle
The interest of Coinbase has now shifted to an initiative dedicated to the retail market, called Bundle. With this tool, individual users will be able to buy with a click a package of cryptocurrencies already listed on the exchange.
The investment for every single lot is only 25 dollars, following a system already implemented by Circle that allows buying 11 cryptocurrencies with only 10 dollars. In this way, Coinbase returns to its brokerage activity, to a time when institutional investors were still awaited and they only worked with retail customers.
Coinbase lists 0x
The San Francisco exchange continues its ordinary expansion, adding 0x (ZRX) to the Coinbase Pro platform, opening the way to ERC20 tokens which, as we know, are a significant share of the virtual currency market.
The introduction involves trading pairs with the US dollar, euro, BTC and later also the pound sterling.