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Coinbase announces cryptocurrency fund

Leading cryptocurrency startup Coinbase has announced Coinbase Index Fund, which will give investors exposure to all digital assets listed on GDAX exchange, weighted by market capitalization.

Any new asset listed on GDAX would be automatically added to the fund. Currently, investing in Coinbase Index Fund will only be available to US-resident, accredited investors, Coinbase said.

“Index funds have changed the way that many people think about investing. By providing diversified exposure to a broad range of assets, index funds enable investors to track the performance of an entire asset class, rather than having to select individual assets. We’re excited to give our customers the ability to invest in the potential of blockchain-based digital assets as a whole,” Reuben Bramanathan from Coinbase wrote in a blog post.

Bramanathan said that Coinbase is also working on launching more funds which will be available to all investors and cover a broader range of digital assets.

In addition, Coinbase also announced Coinbase Index – a measure of the financial performance of all assets listed on GDAX, weighted by their market capitalization.

The announcement follows a recent class action lawsuit filed against Coinbase, in which a trader alleges that he suffered monetary losses as result of the company’s wrongdoing. The plaintiffs have accused Coinbase of tipping off insiders ahead of the official launch of Bitcoin Cash (BCH) trading, CoinDesk reported.

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