Coinbase COO talks about Coinbase Bundle, index funds and adding more cryptocurrency on the platform |
During an interview conducted recently, the Chief Operating Officer and President of Coinbase, Asiff Hirji, spoke about Coinbase’s new products and the increasing interest taken by institutional investors in the field of cryptocurrencies.
Speaking to Bloomberg, the Coinbase official spoke about how the Coinbase Index Fund was not a failure but was rather Plan A in a series of multiple developments. Coinbase had launched the Index Funds program back in March to cater to new customers on the platform who had partaken in popular Index funds like the Dow Jones Industrial Average. Reuben Bramanathan, the Coinbase Product Manager, had stated during the launch:
“By providing diversified exposure to a broad range of assets, index funds enable investors to track the performance of an entire asset class, rather than having to select individual assets. We’re excited to give our customers the ability to invest in the potential of blockchain-based digital assets as a whole.”
During the interview, Hirji stated that the Index fund not taking off was actually a great learning experience, giving the company first-hand experience in dealing with institutional investors. He went on to say that Coinbase Bundle, the exchange’s new initiative, was Plan B, allowing the company to gauge institutional investor reactions and then tailor a product to suit that.
The Coinbase Bundle is aimed at helping the customer form their cryptocurrency portfolio. Bundle will also help customers to make up their mind on what cryptocurrencies to buy within a certain price. The official blog post read:
“Using the current market cap at the time of purchase, Coinbase calculates a diversified portfolio of available cryptocurrencies that can be purchased with just a few taps.”
According to Hirji, products like Coinbase Bundle will create a path with more value for the customer. He also went on to say that the trade volume will always go to the place where the cryptocurrency prices lie. In a world where investors check prices on a daily basis, Coinbase makes sure that what they see is what they get, added the COO.
The final point of Hirji’s discussion was Coinbase’s stipulated move to add at least 200 to 300 more cryptocurrencies on the platform, apart from the already existing ones. He concluded:
“The United States is really backward when it comes to cryptocurrency regulations. Coinbase aims to add almost all the useful cryptocurrencies on the platform so that investors can trade seamlessly.”
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