- CoinBase has added 0x, its first ERC token
- It is discontinuing its index fund due to low investment
Many new changes have come to CoinBase in the last few days. First of all, it is shutting down its index fund that was designed to attract investments from wealthy investors. According to sources close to the situation, the closure is as a result of lack of sufficient interest in the product.
They are now choosing to focus their attention on ‘CoinBase’ bundle, a retail product that was announced recently.
The new listing was announced by CoinBase in a tweet on the 11th of October 2018.
“ZRX is launching on CoinBase pro! The ZRX/USD, ZRX/BTC, and ZRX/EUR order books have entered transfer-only mode. Trades can deposit ZRX, but cannot yet place or fill orders. Order books will remain in transfer-only mode for at least 12 hours.”
Coinbase Pro, the official cryptocurrency exchange of CoinBase, is considered one of the most secure in the world and is valued at over $8 Billion.
While 0x has been added, residents of New York cannot invest in the currency for now. Another limitation is that the token cannot be traded until it has enough liquidity.
0x is a token which has the advantages of both decentralized and centralized crypto exchange transactions.
The token was previously available on a number of crypto exchanges such as Binance, Huobi, and Poloniex.
The addition of this token to Coinbase Pro is part of a deliberate attempt to expand on the currencies listed as coinbase activity has reportedly decreased by 80 percent.
Shutting down index fund
While CoinBase is adding new features, it is also shutting others down. Its index fund is being closed down following reports of underwhelming investment.
The index fund was created to encourage institutional investment and investment from wealthy investors. There has been significant competition in this regard as several other index funds have opened in recent times including Bitwise Asset Management and Abra despite the fact the global cryptocurrency market is shrinking.
In view of the loss, Coinbase is now shifting attention to CoinBase bundle, a new feature that allows users to purchase bundles of the currencies listed with as little as $25.