As reported by CNBC’s ‘Fast Money’ in an interview with Coinbase president Asiff Hirji, A Coinbase crypto index fund is going to be launched by the exchange platform.
When it was first announced that both Coinbase president and Ripple CEO Brad Garlinghouse would be interviewing on ‘Fast Money’, rumors abounded that Coinbase was adding Ripple to its exchange. To the disappointment of many, this turned out not to be the case. Instead, Coinbase announced that it would be launching a weighted index fund for cryptocurrencies.
This index is meant to be a simple way for investors to get exposure to the crypto-assets offered on the Coinbase exchange. The Coinbase crypto index fund will be a market cap weighted index fund and is underpinned by the Coinbase index, which Hirji calls the “benchmark data for crypto”.
It’s meant to act as a tool for the individual investor. People will be able to sign up for the fund – however, at the moment it is only open to accredited investors, due to Coinbase’s mandate of keeping things out of regulatory uncertainty, which much of crypto is at the moment. (This is also the main reason why Coinbase is so selective in its choices of crypto assets offered on the exchange.)
Although it may not be what Ripple fans were hoping for, crypto fans, in general, will no doubt be excited by the news from Coinbase – if the index fund really is as simple to use as Coinbase says it is.
You can check out the full interview here.
Speaking of Ripple, ‘Fast Money’ ran out of time before being able to hold the interview with Garlinghouse, but according to a recent tweet, they’ve now recorded the interview, and it looks like more will be released on the matter tomorrow.
Hirji said that he bumped into Garlinghouse at the taping of their interviews and they joked about taking a picture together and posting it on Twitter – imagine the hype that that would rile up!
Are you excited about the Coinbase Index Fund? Let us know in the comments below.
Featured image: Trade with Profit