Updated Mar 6, 2018

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.

Details:

This first fund is aimed as an entry-point for folks who are new to digital tokens, or for those who want a passive investment, Coinbase product manager Reuben Bramanathan tells Axios.
It's only available for U.S.-based accredited investors, though the company is working to eventually add a fund for retail investors (no timeline yet).
There's a minimum investment of $10,000 and flat 2% fee for investors, without any performance fees.

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Global: Total confirmed cases as of 12:30 a.m. ET: 859,556 — Total deaths: 42,332 — Total recoveries: 178,300.
U.S.: Leads the world in confirmed cases. Total confirmed cases as of 12:30 a.m. ET: 189,510 — Total deaths: 4,076 — Total recoveries: 7,109.
Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk of contracting COVID-19 while in confinement.
U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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