#CryptoCorner; #Coinbase to launch index fund, Burbank bullish on #crypto and #Russia puts a deadline on legalization
#CryptoCorner; #Coinbase to launch
index fund, Burbank bullish on #crypto and #Russia puts a deadline on
legalization
Point Roberts, WA, Delta BC – March 7, 2018 - 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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