Against the backdrop of the bear market, Coinbase, an American cryptocurrency exchange and wallet service provider, in order to attract investors, announced on August 13 that it would update the annual management fee of its index funds.
The company mentioned in its blog post that the annual management fee charged by its index funds to all existing and new investors will be reduced from 2% to 1%. The official explanation stated:
"In order to attract investors who are familiar with low-fee index funds of other asset classes, we are reducing the fund's management fees, which will help introduce new investors into the cryptocurrency industry."
In addition, the announcement also mentioned that the Coinbase Index Fund has been included in Ethereum Classic (ETC), and last week, ETC has just officially launched Coinbase.
This year, Coinbase announced that its platform plans to launch ETC as early as mid-June. One month later, Coinbase issued a statement stating that the company is considering launching 5 other digital assets, namely Cardano (ADA), Attention Coin (BAT), Stellar Lumens (XLM), Zerocoin (ZEC) and 0x (ZRX).
In mid-June, Coinbase launched index funds for the first time, including four mainstream cryptocurrencies. The fund is only open to qualified investors in the United States, that is, groups with a net worth of more than US$1 million or an annual income of more than US$200,000. In addition, the fund’s investment limit is limited to US$250,000 to US$20 million.
As of press time, the Coinbase Index Fund is composed of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ethereum Classic. The weights are as follows:
Bitcoin: 71.69% Ethereum: 19.18% Bitcoin Cash: 6.12% Litecoin: 2.18% Ethereum Classic: 0.83%
Among them, the weight of Bitcoin is about 10% higher than the 61.5% when the fund was first launched.
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