Coinbase is now allowing accredited investors with deeper pockets the ability to utilize the Coinbase Index Fund, which offers exposure to every asset listed on the popular exchange.
The previously announced Coinbase Index Fund has officially opened for investments of $250,000 to $20M.
Reuben Bramanathan, Product Lead of Coinbase Asset Management, stated in an official announcement:We’ve seen overwhelming interest from investors since we announced the fund earlier this year. At this stage, we have opened the fund to those who wish to invest $250,000 to $20M.
The fund is geared towards institutional investors and those with a lot of money to invest and offers investors exposure to each and every asset listed on Coinbase’s exchange. The cryptocurrencies are weighted by market capitalization, which aims to ensure effective diversification in the event one particular cryptocurrency underperforms.
The Coinbase Index Fund will also include Ethereum Classic, after the announcement earlier this week that the popular San Francisco-based cryptocurrency company would begin supporting the cryptocurrency in the coming months.
Currently, only accredited investors residing in the United States are eligible to utilize the Coinbase Index Fund. However, Coinbase plans to broaden its horizons with other offerings for currently ineligible investors, stating:We’re working on launching more funds which are accessible to all investors and cover a broader range of digital assets.
BAD TIMING (OR NOT)
The launch of the Coinbase Index Fund comes at a time when many retail investors are being shaken out of the volatile bear market.
Each and every asset currently listed on Coinbase is undergoing a rather steep ‘correction.’ Bitcoin (BTC) is currently down, at the time of this writing, 14 percent over the last week. Ethereum (ETH), meanwhile, is down 21 percent, while Bitcoin Cash (BCH) and Litecoin (LTC) are down 25 percent and 20 percent respectively.
There was a time when such an announcement from Coinbase would’ve sent prices skyrocketing — but those days appear to be well and truly over.
That said, institutional investors and those eligible to take advantage of the Coinbase Index Fund might soon find the prices just to their liking.
Will Coinbase delist ETC in 2019? Place your bets on Augur…
A new prediction market on the Augur (REP) platform has provoked a major debate in the crypto community. Users can now bet on whether they believe that Coinbase will delist Ethereum Classic (ETC) by the end of 2019.
The recent 51 percent attack on the ETC network led to the loss of a significant amount of funds, although the price of ETC wasn’t affected as negatively as might have been expected. Many have started to speculate about the future of the crypto, in the wake of this potential damage to its reputation.
Users of decentralized prediction platform Augur can now back up their speculations on the fate of ETC with real capital, placing ETH bets on the outcome of “Will Coinbase, Inc (coinbase.com) delist ETC trading pairs on the Consumer exchange before Jan 1, 2020 12:00AM UTC?”.
The bet has drawn the attention of Cornell professor and crypto commentator Emin Gun Sirer, who described it as an “assassination market for ETC”. This is a reference to the infamous markets on Augur where users can bet on the murder of President Trump and other leading public figures.
This is, in effect, an assassination market for ETC.
— Emin Gün Sirer (@el33th4xor) January 10, 2019
Sirer seemed to think that the apparent lack of security on the Ethereum Classic network would eventually force the leading crypto broker to delist ETC, in order to protect its own reputation, although others believed that it wouldn’t take any action unless it actually lost money directly.
Coinbase has a reputation to maintain. They can't be seen to be propping up a coin that's unsafe to transact.
— Emin Gün Sirer (@el33th4xor) January 10, 2019
If you’re interested in more forecasts and predictions for 2019, check out this Chepicap article, where we round up what a host of crypto experts have seen in their crystal ball.
Coinbase Opens New Office In Portland, Oregon To Expand Crypto Company’s US Operations
Coinbase just announced the opening of its new office in Portland, Oregon on Twitter. The San Francisco-based crypto giant now has seven offices worldwide.
Coinbase posted photos of the office’s grand opening ceremony on Twitter earlier today. The crypto company added that it was “inspired by Portland’s diverse tech community and deep talent pool”.
We opened our newest office in Portland, OR today! Thanks to the local & state officials and organizations that have welcomed us to the city. We’re inspired by Portland’s diverse tech community and deep talent pool, and look forward to investing in our presence for years to come. pic.twitter.com/nTJAfU6GL7
— Coinbase (@coinbase) January 10, 2019
Coinbase first announced that it was opening an office in Portland in June 2018.
“As part of our plans to continue expanding and grow, Coinbase is opening its newest office in Portland, Oregon,” the company wrote in a blog post at the time.
Coinbase decided to open the office in Portland after exploring “a variety of different U.S. cities.” After a thorough analysis, the Coinbase team decided they were “inspired by Portland’s incredibly talented, innovative open-source and blockchain communities,” adding that they also appreciated Portland’s commitment to providing equal opportunities for all, “as it mirrors our values at Coinbase.”
This isn’t a short-term move:
“Coinbase has signed a seven-year lease on its new Portland office. Renovations took place over the second half of 2018. As of January 10, 2019, the Portland Coinbase office is now operational.”
Coinbase’s Portland office will host a variety of business-related functions. Over the last few months, Coinbase has been hiring customer support agents, finance specialists, and compliance, IT, and HR personnel. The company originally aimed to add 100 jobs to the local economy, although it’s unclear how many employees they ultimately hired.
“We’re excited to find people who are excited about the future of cryptocurrency, and who want to help Coinbase achieve its mission of creating a more equitable and open financial system for the world. That’s why we’re eager to expand to cities like Portland, where best-in-class talent from across the community will be critical to our important mission.”
You can view available Coinbase job positions at their careers page. The jobs page currently lists 13 openings in Portland, including positions for customer support, investigations, and legal and compliance personnel.
As of January 2019, Coinbase has seven offices located worldwide, including its headquarters in San Francisco and satellite offices in New York, Chicago, and Portland. Worldwide, Coinbase has opened offices in London, Tokyo, and Dublin.
Clearly, the ongoing crypto bear market hasn’t dampened Coinbase’s desire to continue growing across the country and around the world.
Coinbase Suspends Ethereum Classic After Blockchain History Rewrites
Crypto exchange Coinbase has halted all ethereum classic transactions, withdrawals and deposits due to a series of blockchain history reorganizations on the network.
Ethereum classic saw more than 100 blocks “reorganized” during a potential 51 percent attack late Sunday, according to at least two different block explorers – Bitfly (Etherchain) and Blockscout. Coinbase said in its blog post that it detected some 88,500 ETC being double-spent (totaling some $460,000).
Media publication Coinness reported Monday that an in-house analyst had detected an abnormal hash rate (or computation energy) going into a single mining pool, potentially causing mass reorganizations (reorgs) of mined blocks. Though initially refuted by the core proponents behind ethereum classic on Twitter, the official account has now affirmed potential cause for concern, tweeting out:
“We are now working with Slow Mist and many others in the crypto community. We recommend exchanges and pool significantly increase confirmation times.”
SlowMist, a China-based security firm, first alerted users of the strange activity occurring on the network Monday morning, stating that its team was trying to trace the cause of the attack. SlowMist did not immediately respond to a request for comment.
Recent reports from Coinness stated that “certain abnormality” had been detected in the mining hash rate of a private ethereum classic mining pool.
The duration of the attack seems to be in dispute. Blockscout reported block reorganizations occurring at 02:00 UTC and 05:00 UTC Monday, while Bitfly said in a Tweet at 17:00 UTC that the attack was potentially “ongoing.” In its note, Coinbase wrote that “the attacks are ongoing.”
Blockscout project lead Andrew Cravenho affirmed to CoinDesk that although the last recorded reorg attack was seen 14 hours ago, the network is constantly “fluctuating and people are always switching their hashing power,” suggesting the potential for continued disruption under “the perfect circumstances.”
He also noted that the reorg may have begun before being noted on Blockscout. In a blog post, Coinbase said it first noticed the reorg on Jan. 5, two days before other reports began.
And though reiterating to CoinDesk that indeed “a huge reorg took place” on the ethereum classic blockchain, Cravenho’s explanation of the event as a 51 percent attack is not widely agreed upon.
In an email to CoinDesk, ethereum classic dev advisor Cody Burns said that the activity could not be labeled a 51 percent attack but rather “a selfish mining attack” caused by a client-local phenomenon.
He added in a post on Twitter that “…the entire Ethereum network doesn’t ‘reorganize’ simultaneously. It would be more likely that someone discovered all of Coinbase ETC nodes and ‘surrounded’ them.”
Still, Burns suggested in an email to CoinDesk that regardless of the situation’s origin, companies providing services for ethereum classic should take steps to protect their users.
“The best course of action is for businesses and exchanges using ANY ethereum based chain is to increase the number of confirmation blocks to >400 blocks,” he wrote.
In response to the deep reorg, Kraken announced in an incident report that it was increasing the number of confirmations required to make an ethereum classic deposit. Bitfly told CoinDesk that it was likewise taking this action.
Poloniex announced it was disabling ETC wallets, and it does not currently have a firm timeline on when they will be re-enabled.
The ethereum classic Twitter account claimed that the excessive hashrate may have come from crypto miner manufacturer Linzhi, which reportedly confirmed it was testing new machines with a 1,400Mh/s hashrate.
However, in an email to CoinDesk, Linzhi Shenzhen director of operations Wolfgang Spraul pushed back, saying “We are categorically denying such claims, they are entirely baseless and may be part of the attack itself.”
The company has not yet launched its first product, he said, adding:
“If we would test our ASICs, we would never do that on any mainnet, we would do that on a testnet or a private net. We would most likely invite independent industry figures like David Vorick or Anthony Lusardi to observe what we are doing.”