Crypto Corner: Coinbase to launch index fund, Burbank bullish on crypto and Russia puts a deadline on legalization
Point Roberts, WA and Delta, BC - March 7, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - March 7, 2018
By Samuel Mowers at Investorideas.com
Coinbase to launch index fund, Burbank bullish on crypto and Russia puts a deadline on legalization
Cryptocurrency exchange giant Coinbase is launching a cryptocurrency index fund. In an interview with CNBC on Tuesday, Coinbase President and COO Asiff Hirji made the announcement.
"It's a very simple to use, easy way to get exposure to the cryptoassets that we offer on our exchange," he said.
Hirji said that initially the index will only be open to accredited investors, but that eventually this would expand once proper regulated.
"Unfortunately on day one, it will only be available to accredited investors," he said. "Over time we hope very much to expand it to all investors, and we're working with regulators on what it's going to take to make that happen."
Investors in the Coinbase Index Fund will be exposed to all currencies currently featured in the exchange (BTC, BCH, ETH, LTC), which will be weighted based on market
The Coinbase Index Fund will hold market-cap weighted positions for the four assets currently featured in the index (BTC, BCH, ETH, LTC).
In another CNBC interview, John Burbank, founder and CIO of Passport Capital, spoke about the importance of crypto in the future of the market.
"The significance of this technological change is going to become something all institutions are going to have to invest in and want to invest in," he said. "They're just not investing in it yet."
Passport Capital, founded by Burbank in 2000, launched a cryptocurrency hedge fund in January. Burbank said that crypto will pervade all sectors in the coming years and that it will continue to be a global phenomenon.
"My biggest macro trend, belief for the next five years is that technology is going to change every major sector in the market in the world," he said. "The fact that it's not a Silicon Valley thing, the fact that it's happening all over the world -- I believe it's going to grow at a much faster pace than what people are used to."
A recent official report indicated Russian President Vladimir Putin's deadline of July 1 this year to legalize cryptocurrency markets. The report detailed the government's concerns for legal guidelines regarding ICO's and the need to establish rules regarding cryptocurrency mining.
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