Major
United States-based crypto exchange Coinbase has discontinued its
Coinbase Bundle crypto investment offering, the platform’s updated FAQ
site reveals.
Coinbase Bundle product is no more
Reasons for discontinuation of the product — which had only just launched in fall 2018 — have not been officially provided, with the exchange simply notifying users that:
“Coinbase
Bundle purchases have been deprecated, as such all assets purchased in
the Coinbase Bundle have been redistributed to their respective
individual asset wallets.”
In a further comment,
Coinbase says that while users will no longer see a standalone wallet
for their Coinbase Bundle purchases, the amount of cryptocurrencies
purchased as part of the package will not have changed and is thus “a
cosmetic-only change.”
Coinbase Bundles has been designed to purportedly simplify cryptocurrency trading and draw new investors into the sector.
Each bundle was a basket of five cryptocurrencies — Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Ethereum Classic
(ETC) — supported on Coinbase and purchased in proportion to their
market capitalization in USD. The smallest bundle was sold by the
exchange for as little as $25, £25, or €25.
A changing crypto landscape
Earlier this week, Coinbase released
aggregated data in the form of three trading signals designed to offer
investment insights for its customers: top holder activity, typical
hold time and popularity, and price correlation.
In June, the exchange published
its key findings about awareness and adoption trends related to
cryptocurrency in the U.S., revealing that 58% of Americans have heard
about Bitcoin (BTC).
Other U.S.-based crypto trading platforms
have similarly launched investment vehicles designed to streamline
trading, such as the Winklevoss Twins’ Gemini exchange, which offers a “Cryptoverse” product tied to a basket of cryptocurrencies weighted by market cap to be bought as a single order.
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