Coinbase Index Fund Reduces Fees and Introduces Ethereum Classic (ETC)

US-based cryptocurrency exchange Coinbase has informed investors about recent updates to its Index Fund, which include a reduction in the annual management fee and the inclusion of Ethereum Classic (ETC).

In a blog post released on Monday, Coinbase announced that it will lower the Index Fund’s annual management fee from 2% to 1% for both current and new investors.

The company stated, “We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.”

Launched in mid-June, the Coinbase Index Fund is designed as a custodial fund specifically for institutional investors. Currently, it is accessible only to accredited investors in the US who meet specific criteria, such as having a net worth exceeding $1 million or an annual income surpassing $200,000. The minimum investment requirements have not been disclosed.

This update marks a significant step in Coinbase’s efforts to expand its offerings and appeal to a broader range of investors.