Coinbase is closing down their index-fund, which was aimed at big players according to The Block Crypto. However, looks like it didn’t get as much attention as the exchange had hoped.
Index-fund was planned in March and went live in the U.S. by June. According to the exchange, the product was the result of huge demand from large investors.
Coinbase is abandoning the idea of attracting high volume trading investors, after just 5 months showed that the exchange quickly needs new directions. Instead of the big players, the focus now is on regular investors and traders.
It is might be a mere miscalculation or misprediction of the demand. Companies related to crypto have made similar mistakes before, like the time when Nvidia estimatedhuge demand for their GPUs in 2018. That resulted in a course correction and a drop on graphics card prices die to the now unprofitableindividual mining operations.
In this perspective, Coinbase is introducing a new product: Coinbase Bundle.
It is clear that the focus now is on retail investors or even beginners who will make their first crypto asset purchase.
The interface of Coinbase Bundle is very straightforward. Users can easily buy a “bundle” of assets instead of investing in one specific coin.
The bundle includes Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ethereum Classic, distributed unevenly. Explanation on the site says: “The bundle is weighted by the total market value of each asset”, meaning that users are investing 75 % of their money in Bitcoin.
In addition to Coinbase Bundle, the Exchange has just announced the launch of ZRX on Coinbase Pro.
The ZRX coin will be listed in pairs against U.S. Dollar, Euro, and Bitcoin for traders.
Coinbase will have four stages for ZRX launch;
- Transfer-only, this is when users place orders.
- Post-only, in this stage the users can post limit orders.
- Limit-only, matching limit orders will be active.
- Full trading, normal operation phase.
Another indicator that Coinbase is trying to offer more products and reach more customers is the last sentence: “with the recent announcement of our new listing process, our customers can expect us to list most assets over time that meet our standards”.
Coinbase initiated a new listing process this September. Details of the listing criteria were not given but it is likely to prioritize coins that are deemed to be decentralized, in the hands of the project founders and are unlikely to be classified as safe.
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