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San Francisco-based cryptocurrency powerhouse Coinbase has reportedly reduced annual managements fees for its index fund from 2% to 1% for all new and existing investors, in an effort to promote institutional adoption.
In a recent blog post, Coinbase revealed that they’ve also re-balanced the index to now include Ethereum Classic (ETC) after trading recently went live on Coinbase Pro just last week, the company’s new professional interface integrated on top of their GDAX trading engine. ETC trading as yet to live to normal everyday users via their website and mobile app.
The Coinbase Index Fund leverages a market-cap weighted balancing approach and includes BTC, ETH, LTC, BCH and now ETC. The fund is open to accredited US investors and the minimum investment is a staggering $250,000, with the maximum being at a modest $20 million.
This news comes just weeks after Coinbase launched instant crypto trading on its retail platform, while at the same time boosting daily deposit limits 7x to $25,000. These new features will only be available to traders in the US, but CB plans to expand overseas in the coming months.
Ethereum Classic is currently unavailable on the retail platform, as mentioned above, but is expected to be live for trading in the coming weeks. ETC is currently ranked 13th on the AltDex 100 Index, just under Dash and Iota. AltDex 100 Index is a benchmark index for large-cap crypto’s and tokens alike.
As I mentioned in last week's post, ETC is definitely one to watch and possibly dabble with. ETC is currently $10.89 on Coin Market Cap with a 24h volume of just over $267,000.
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