NEW YORK (Reuters) - Digital asset exchange Coinbase announced on Tuesday the launch of its first-ever index fund, marking the company’s foray into asset management.
The U.S. firm, the largest cryptocurrency company in the world and most recently valued at $1.6 billion, has formed a subsidiary called Coinbase Asset Management to oversee the new Coinbase Index Fund, product lead Reuben Bramanathan told Reuters.The fund will give investors exposure to all assets listed on Coinbase’s institutional exchange, GDAX, weighted by market capitalization, Bramanathan said. Whenever a new asset is listed, it will be automatically added to the fund.“We’re seeing strong demand from our customers and the market generally for a passive investment management product,” Bramanathan said.
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