Cryptocurrency trading platform Coinbase has announced the launch of an index fund project that will let investors back any of a group of currencies.
Four of the largest cryptocurrencies listed on Coinbase’s exchange GDAX will be made available to investors, reports BusinessInsider, weighted by market capitalisation and adjusted when new coins are added.
The fund consists of 62 per cent Bitcoin, 27 per cent Ethereum, 7 per cent Bitcoin Cash, and 4 per cent Litecoin.
Reuben Bramanathan, Coinbase product manager, said: “We are seeing new investors coming to the market because they see an asset that is not correlated and outperforms, but they don’t know which ones to buy.”
This project joins similar ones such as Bitwise Asset Management, which holds ten cryptocurrencies.