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Coinbase debuts cryptocurrency index fund

Illustration: Rebecca Zisser / Axios

Coinbase, which operates the GDAX cryptocurrency exchange, is introducing an index fund —comprised of Bitcoin, Bitcoin Cash, Ether, and Litecoin— weighed per market cap.

Why it matters: With the creation of new digital tokens, cryptocurrencies have grown into a full-fledged asset class, with demand for various investment options. Another cryptocurrency index fund, Bitwise Asset Management, made headlines in December when it raised funding from Silicon Valley investors David Sacks, Keith Rabois (Khosla Ventures), and Naval Ravikant, among others.