Coinbase cancels crypto bundles nine months after launch

20 Jul, 2019
by Alberto Arnaldo
Exchange
Coinbase cancels crypto bundles nine months after launch

An update into Coinbase´s FAQ page evidenced the deprecation of the bundles, with assets “redistributed to their respective individual asset wallets”.

The crypto packaged offered by Coinbase since late September of 2018 allowed users to buy Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic at once, with the mixture of cryptos determined by their USD market capitalization at purchase time. The smallest bundle purchase was set at either $25, £25 or €25, with a commission rate for the exchange of 1,5% plus the regular buying fees.

The closure follows a similar event, namely the termination of the Coinbase index fund. Aimed at institutional investors, the Coinbase bundle was originally marketed as its replacement. The main difference between both products was that the bundle allowed to keep all cryptos as separate assets, enabling individual buying and selling, meanwhile the fund could only be traded in whole.

According to Hard Fork´s reports, the shutdown of the index fund was explained by Coinbase as a strategy to focus on their bundle product; however, it seems as if the exchange has not find its way towards simplifying multi-token purchases.

 

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