Coinbase Index funds open for investors

coinCoinbase Index funds are now open to investors with a minimum investment of $250,000 with a cap of $20 million. The index fund will track cryptos which are listed in its subsidiary GDAX. The fund will hold Bitcoin, Ethereum, Bitcoin cash and Litecoin as of now and proportion of the individual’s assets will be based on the weighted average by market capitalization.

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Index holdings will change in future when more assets are added in the GDAX exchange, for instance, Ethereum classic which will be added in the index in the Q4 2018.

Binance to offer Euro trading pairs soon

binanceBinance which is one of the largest crypto trading platforms in the world will soon offer its customers to convert their digital tokens to Euro. This facility for its customer will be done through the Malta branch, and more fiat currency pairs will be added in future according to Binance CEO Zhao Changpeng.

Unlike Coinbase, Binance only provided crypto to crypto trading, and thus crpyto-fiat facility will add to its already rapid growth. According to Zhao company has 9 million users compared to 2 million at the start of the year.

The company is also in the process of receiving an exchange licence from Jersey in channel island where it is planning to open an office with as many as 100 staff.

Source: Bloomberg

 

Alternate view on Bloomberg’s analysis on the crypto sell-off

coinrailMonday morning you open up to check out the top crypto news and you read stupid headlines like this “Cryptocurrencies lose $46 Billion after South Korean bourse hack“.

To summarize Coinrail which is a digital currency trading venue in South Korea was hacked. The amount stolen was not disclosed besides it said that 70 percent of the currency was stored in cold storage which has the least amount of vulnerability when it comes to hacking. Coinrail is also not a major trading venue as it’s 24-hour volume was only $2.65 million according to data compiled by Coinmarketcap.com before news of the hack. Now it get’s interesting according to Bloomberg:

“Two-thirds of the stolen assets — which the exchange identified as NPXS, NPER and ATX coins — have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies.”

To be frank, I wasn’t even aware of the above currencies before. So it is highly unlikely that an exchange with a trading volume of about $2.65 million would cause a $46 billion crypto washout. I do agree that since South Korea is one of the major liquidity providers in the cryptomarket this news might have affected sentiments, but a fall of such large scale is doubtful as the top currencies have been stuck in a range for a while and this might just be a technical correction.It is probably a negative news feedback loop.

If you think otherwise do comment on the post.

Coinbase close to listing SEC-regulated crypto securities

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Asiff Hirji, president & COO at Coinbase announced the possibility of Coinbase becoming a fully regulated broker-dealer, pending approval by federal authorities. After its recent announcement of the Coinbase suite of institutional products, the intention of the move is clear, i.e., Coinbase will soon be a major force to reckon in the cryptocurrency space and probably be like Goldman Sachs of 21st century. The Goldman Sachs comment is because of the following comment in the blog

Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title. We believe this will democratize access to capital markets for companies and investors alike, lowering costs for all participants and bringing additional transparency and inclusion to the ecosystem.”