Ripple Price Has Retreated - Coinbase Kills Rumors

Coinbase Crypto Index Fund

Ripple Price Has Retreated - Coinbase Kills Rumors

One of the customers alleged that insider trading by employees in the exchange company while another one accused the exchange of failing to deliver digital currencies to people who did not have accounts.

Coinbase is not the first to offer a cryptocurrency index fund, which passively invests in a basket of digital assets the same way stock market investors can buy a broad S&P 500 fund, allowing investors to get exposure to the asset class without directly owning Bitcoin and its peers.

Coinbase is launching a weighted index fund for cryptocurrencies.

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Coinbase has enlisted a law firm to investigate the allegations, though it may be weeks or months before the investigation is concluded, a spokesperson for the exchange told Motherboard.

"When Coinbase's customers' trades were finally executed, it was only after the insiders had driven up the price of bitcoin cash, and thus the remaining bitcoin customers only received their bitcoin cash at artificially inflated prices that had been manipulated well beyond the fair market value of bitcoin cash at that time", the lawsuit claims, as quoted by Marketwatch. "We're expecting huge demand from retail when that's available, and we want to be in a position to accept that demand".

At present, the tokens listed on Coinbase are bitcoin, bitcoin cash, ethereum, and litecoin. The minimum investment size $10,000, and there will be a 2% annual management fee with no additional performance fee.

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The index level is calculated by dividing the now combined United States dollars market capitalization of all constituent assets by the market capitalization as at January 1, 2015, the starting date for the Index.

The company has created the subsidiary Coinbase Asset Management to usher in and preside over the nascent fund.

Coinbase is the leading USA marketplace for buying major cryptocurrencies.

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The Coinbase Index Fund will only be opened to U.S. citizens and accredited investors. But as long as no other options exist for investing in cryptocurrency as easily as stocks, Bitcoin funds will be able to command a premium.

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