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Coinbase has opened up its index fund for accredited US investors, giving them exposure to all cryptocurrencies listed on its exchange GDAX. The company is now working on “launching more funds which are accessible to all investors and cover a broader range of digital assets.”
Coinbase Index Fund Launched
Coinbase, one of the largest cryptocurrency companies, announced on Tuesday, June 12, that Coinbase Index Fund is now open for investment. The San Francisco-based company first unveiled this fund on March 6.
“We’ve seen overwhelming interest from investors since we announced the fund earlier this year,” Reuben Bramanathan, Product Lead of Coinbase Asset Management, wrote. He elaborated:
Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization…At this stage, Coinbase Index Fund is only open to US-resident accredited investors. We’re working on launching more funds which are accessible to all investors and cover a broader range of digital assets.
The company’s website states that “Our vision is to make index investing in digital assets available to everyone.” Further, the company emphasized that they are “beginning the work required to offer index funds to all US investors,” not just accredited ones, adding that “In the future, we hope to be able to offer index investing to customers in the US and internationally.”
About the Fund
Coinbase Index Fund “is a private fund that seeks to track Coinbase Index (Fixed Supply),” which is a measure of the overall performance of the cryptocurrencies listed on Coinbase’s exchange, GDAX, the company describes.
The minimum investment amount for the fund is $ 250,000 and the maximum is $ 20 million. The fund’s annual management fee is 2%.
“The assets are weighted by market capitalization. The index level takes into account the ongoing increases in supply of each asset, not just changes in price,” the company noted, adding that the index is “reconstituted each time that a new asset is listed on GDAX,” such as the recent addition of ETC.
The current composition is 61.47% BTC, 27.17% ETH, 8.22% BCH, and 3.14% LTC. The fund will soon be rebalanced to include ETC.
Moreover, Coinbase explained that “Unlike actively managed investment funds,” the fund manager of its index fund “does not actively trade assets, or target a specific allocation for any asset.”
What do you think of Coinbase Index Fund? Let us know in the comments section below.
Images courtesy of Shutterstock and Coinbase.
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SoftBank’s tech-focused Vision Fund will invest $ 2.25 billion in General Motors’s driverless-car unit, as the auto maker battles tech companies and startups in a race to commercialize autonomous vehicles.
WSJ.com: US Business
The chief investment officer of California’s $ 350-billion pension fund is stepping aside.
Ted Eliopoulos announced Monday that he’s leaving the California Public Employees’ Retirement System after a replacement is hired. He is one of California’s highest paid state workers and responsible for the…
It’s a story straight out of cinematic lines: whale cryptocurrency investor rakes in mounds of money, and reaching a “satiety point” decides to give a healthy portion of it to worthy charities. And add to that the spectre of remaining anonymous, the ecosystem, beset by dreams of easy fortunes and Lambos and glory, was given a real-world object lesson in five short months. Health care, water potability, education, digital rights advocates, among many others, all felt the power and generosity of crypto. This week, Pineapple Fund announced its final donation.
Pineapple Fund Issues its Final Donation
In a subreddit post this week, Pineapple Fund’s anonymous benefactor wrote, “It’s been five months, and having just made my last PF donation to the Internet Archive, I figure it might be a good time to say farewell.” Pine, as the anonymous poster goes by, continued by thanking the broader community for offering worthy organization suggestions, and also thanked “the Bitcoin and cryptocurrency community, for turning a Sourceforge project into a $ 0.5T industry.”
The fund burst upon the crypto community mid-December of last year, right at the height of bitcoin core’s (BTC) price spike. “The anonymous donor says he saw the promise of bitcoin long before it broke the single-digit price range. The donor explains the ‘shattering returns’ of bitcoin over the years has given him more money than he can spend,” these pages documented at the time.
Donations ranged between $ 50,000 to $ 5,000,000. Around since the mid 1980s, the Multidisciplinary Association for Psychedelic Studies (MAPS) researches and educates about “the medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana.” It was one of the organizations deemed worthy of a $ 5mil gift from the fund.
Give Directly, a group facilitating the ability to send money directly to the extreme poor, also landed among $ 5mil donations. It claims to distribute 88 percent of each dollar to those in need. Roughly $ 1,000 is sent to well vetted recipients who often use what is the equivalent in about a year’s wages for essential housing materials.
A Strong Legacy
The final recipient of $ 5mil was the Open Medicine Foundation (OMF). Its goal is to both fund and initiate collaborative and groundbreaking research into chronic complex diseases, focusing upon the End ME/CFS Project, designed to find biomarkers and effective treatments for Myalgic Encephalomyelitis / Chronic Fatigue Syndrome.
“I kind of miss the old times when bitcoin was a small community,” Pine wrote, “and you could count the number of ‘altcoins’ with one hand. Finding someone else who even knows about bitcoin was incredibly rare, and exchanges were semi-automated or running on PHP.”
Community response was effusive with praise such as, “Thank you for doing what so many wish they would do in your position but yet fail to when they get there. Really proud of you and appreciative of your generosity,” one commenter wrote. Still another insisted, “This kind of generosity will indirectly impact so many peoples’ lives for the better. Thank you!”
Other commenters held onto the idea of Pine returning at some point should the market tick back up again, and prices moon. “Thanks for following along with this experiment. I’m going to say goodbye now, but maybe there’s room for dessert in a few years,” Pine teased. “If you’re ever blessed with crypto fortune, consider supporting what you aspire our world to be. :)” Of course, others are currently involved in charitable, real-world work, such as Eat BCH. The group doesn’t enjoy the financing of a whale, and yet it provides food relief for countries such as Venezuela, which has suffered greatly in a giant economic downturn.
Is charity an important way to promote crypto? Let us know in the comments section below.
Images courtesy of Shutterstock, Pineapple Fund.
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The post Bitcoin’s Anonymous $ 55 Million Pineapple Fund Gives Final Donation appeared first on Bitcoin News.
SoftBank’s nearly $ 100 billion Vision Fund has moved more aggressively to invest and reap returns in its first year than even its ambitious initial targets indicated.
WSJ.com: What’s News Asia
On Tuesday, May 8, the Bitcoin Cash Fund and the Yeewallet team announced a partnership that aims to further spread bitcoin cash (BCH) adoption. The organizations’ plan to bolster BCH adoption by airdropping 20 BCH to Yeewallet users who meet the airdrop requirements.
The Bitcoin Cash Fund and Yeecall Partner to Further Spread BCH Adoption
This week, the Bitcoin Cash Fund (BCF) and the creators of the Yee application have announced a strategic agreement that aims to spread bitcoin cash adoption to the millions of Yeewallet users. The firm’s Yeewallet is a recently launched multi-cryptocurrency wallet that also features internet voice calls using the popular Yeecall platform. BCF is a nonprofit organization that’s been committed to spreading bitcoin cash adoption worldwide, and the group believes Yee’s 33 million users getting some BCH will help promote the cryptocurrency’s use. Yee has also just added BCH support for the Yeewallet interface, with the firm explaining that this week’s airdrop will help the bitcoin cash network effect spread.
“Yee believes that the support of BCH on Yeewallet will not only enrich the Yeecall’s application scenario and satisfy our Yeecall users’ needs, but also extend the BCH’s influence and promote the development of BCH community,” explains the Yee company.
Breaking Down the Barrier to Entry With 33 Million Users
In order to participate in Yee’s bitcoin cash airdrop, users need to meet specific requirements by the specific snapshot date (5/9/18 23:59:59 GMT+8) which is: Yeewallet users must hold at least 10,000 tokens of the company’s native coin called YEE, and those who meet the requirements will share 20 BCH. The Bitcoin Cash Fund board member Paul Wasensteiner tells news.Bitcoin.com that “the BCH airdrop will be divided proportionally based on the quantity of YEE they have in their wallet, with a minimum of 10,000 YEE as a requirement.”
News.Bitcoin.com also chatted with Paul Wasensteiner about the latest BCF initiative with Yee – who told us he believes that the airdrop is a great opportunity to spread bitcoin cash far and wide.
“Bitcoin Cash technology needs to be ingrained into almost everything we use to communicate — The internet allowed almost any person in the world to communicate with anyone else, and Bitcoin Cash will do the same for money. By integrating a Bitcoin Cash wallet into a popular messaging app like Yeecall, and even providing some free BCH so people can see how easy it is to use, the barrier to entry for these users has been completed removed,” BCF’s Wasensteiner explains.
33 million people will now have access to complete financial freedom. Using Bitcoin Cash should be as easy as sending a tweet, and we feel this partnership is a huge step in making this a reality, and brings us closer to our goal of reaching one billion users within five years.
Making Bitcoin Cash Accessible and Easy to Use for Every Single Person Worldwide
Wasensteiner tells news.Bitcoin.com that full instructions on how to participate in the BCF and Yee airdrop can be found here, and Yee users can also join the official group in Yeecall. Wasensteiner also emphasized that initiatives like these that utilize bitcoin cash will help promote the goal of financial freedom to every single person worldwide.
“Bitcoin Cash is going to open up the global economy and bring financial freedom to every single person on the planet, but before we can achieve that we need to make it as accessible and as easy to use as possible,” Wasensteiner concludes.
What do you think about the BCF initiative with Yee? Do you think initiatives like this are good for spreading adoption? Let us know your thoughts on this story in the comments below.
Images via Shutterstock, the Bitcoin Cash Fund, Yeewallet, and Pixabay.
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Is your target-date fund the right one for you?
It’s a question worth asking, especially as the markets move from a steady upward trajectory to a zigzag line. Target-date funds — the foundation of many 401(k) plans for their easy, hands-off approach — are put through their paces during market volatility.
On Tuesday, reports regarding the notorious Facebook investor and venture capitalist Peter Thiel and his Founders Fund was revealed. According to sources familiar with the matter, Thiel’s fund has made an investment in the startup Tagomi, a firm that plans to execute cryptocurrency buy and sell orders as a brokerage service dealing with institutional investors and family offices.
Peter Thiel’s Founders Fund Helps Inject $ 15.5 Million in Capital Into the Cryptocurrency Startup Tagomi Systems
The Peter Thiel Founders Fund is betting that institutional investors want to get in on bitcoin and cryptocurrency markets. Thiel’s venture-capital firm maintains the biggest portfolios in Silicon Valley and just recently it made an early-stage investment in Tagomi Systems Inc. The Wall Street Journal reports that Tagomi is a startup that aims to provide electronic-trading guidance to cryptocurrency investors. Tagomi is a startup based out of New York, and the company just filed a Form D notice with the Securities and Exchange Commission (SEC) on March 15.
The report on May 1 details that the Founders Fund was involved in a funding round for Tagomi that resulted in $ 15.5Mn USD. The publication did not detail whether or not the Founders Fund led the seed round, and details on Tagomi’s business model is relatively unknown. However, the recently filed Form D with the SEC shows that the Founders Fund managing partner, Napoleon Ta, is named as one of Tagomi’s directors. According to reports Tagomi plans to facilitate high-speed electronic brokerage services with cryptocurrencies to institutional investors and family financial management services alongside over-the-counter (OTC) operations.
Long on Cryptocurrencies: Tagomi Systems is the Founders Fund’s Fourth Cryptocurrency Venture
The Facebook and Paypal investor Thiel is a big believer in bitcoin and cryptocurrencies. Earlier this year the Founders Fund revealed it had allegedly “amassed hundreds of millions of dollars” of bitcoin since mid-2017. Just recently during an interview with the Economic Club of New York, Thiel stated he was ‘long’ on bitcoin and called it the internet’s gold.
I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions — There will be one online equivalent to gold, and the one you’d bet on would be the biggest.
Tagomi Systems is not the only cryptocurrency project the Founders Fund has dipped its venture capital paws into. Thiel’s fund has also recently invested in the tokenization platform Harbor. Additionally, Thiel’s organization has injected capital into the funds Polychain Capital, and Metastable Capital which are primarily focused on cryptocurrency investment vehicles as well. Tagomi’s Form D filing with the SEC shows the firm has declined to disclose its revenue range, and the securities offered by the startup are disclosed as “equity.”
What do you think about Peter Thiel’s Founders Fund throwing more money at cryptocurrency ventures? Let us know what you think about this subject in the comments below.
Images via Pixabay, AP, and CNN.
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Sequoia Capital, a venture capital firm headquartered in Menlo Park, California is suing the Chinese founder of the cryptocurrency exchange Binance, Changpeng Zhao (better known as CZ). The American VC fund reportedly accuses CZ of allegedly negotiating with another firm while he signed an exclusivity agreement with Sequoia.
Fast Moving Target
According to Hong Kong court filings from March 26 and April 24, CZ and Sequoia started talking about terms for a possible investment by the fund in Binance in August 2017. And that the investment would have bought Sequoia almost an 11% stake in the exchange at a valuation of a mere $ 80 million. Unsurprisingly, as the prices of bitcoin and many other cryptocurrencies continued to rally, the deal seemed unattractive to CZ and the talks collapsed by the middle of December 2017.
In fact, by the start of 2018 Binance claimed to be the largest cryptocurrency trading venue in the world with over 2.9 million users joining the platform since its launch in July of 2017. Based on that incredible growth the exchange was more fairly valued in the hundreds of millions or even billions of dollars. And by December 14, CZ’s people informed Sequoia that Binance’s existing shareholders considered their proposal to undervalue the exchange, as Bloomberg reports.
Talking With IDG Capital on the Side?
It looks like Sequoia suspects that CZ didn’t reject their offer just because of the soaring valuation mismatch but because he received a competing better proposal. He was allegedly approached by IDG Capital offering two rounds of funding, valuing Binance at $ 400 million and $ 1 billion. This was at a time when Sequoia had an exclusivity agreement with CZ. Now the exchange founder and the VC fund are reportedly planning to settle this case in arbitration. IDG responded to the news by saying that it did not invest in Binance and denied any relationship with the exchange.
The Hong Kong based exchange has a global offering and supports multiple languages including English, Japanese, Chinese, Korean, Russian, Spanish, French and German. Last month Prime Minister Joseph Muscat warmly welcomed the Binance cryptocurrency platform to Malta, the “blockchain island”.
Does this lawsuit sounds like it has any merit? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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This week the firm Blossom Finance announced the open enrollment for an Islamic microfinance fund that will accept multiple cryptocurrencies such as BCH, ETH, and BTC. Investors will focus on socially responsible opportunities, and receive profit sharing from Blossom’s network of microfinance partners in the province of Central Java, Indonesia through a partnership with the PBMT Ventura.
Cryptocurrencies, Microfinance, and Central Java
News.Bitcoin.com recently spoke with Matthew Martin, the CEO of Blossom Finance about the launch of Blossom’s new cryptocurrency infused microfinance fund. Blossom enables international investors a commercial return on microfinance institutions that are aimed at reducing poverty. The company partners with ‘BMT’ (Baital Mal wat Tamwil) model institutions that focus on solving social issues and creating self-sustaining businesses. Now Blossom is partnered with PBMT Ventura, an Indonesian Islamic microfinance firm, and plans to publicly launch a cryptocurrency microfinance fund.
The funds raised will be utilized to bolster micro-businesses and traditional market sellers to meet the increased demand during the upcoming Ramadan holiday, Blossom details. In order to participate, investors will have the option to invest with Bitcoin Core (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) via Blossom’s US Delaware based fund; the fund will also accept USD investments.
“We’ve spent the last few years developing a network and making key partnerships in Indonesia. Our partnership with PBMT — which is a fully licensed venture capital company in Indonesia — allows us to help some of the best microfinance institutions in the world,” Martin explains to news.Bitcoin.com.
We’re truly inspired by the work these teams are doing in Central Java, and we’re thrilled to open up the fund to public investment.
Gradually Putting the Loan Sharks Out of Business
Blossom’s fund will focus exclusively on microfinance solutions that adhere to the BMT model. BMT branches offer commercial financing, community-based savings, and encourage the growth of local businesses. Financial products BMTs provide traditionally serve the ‘under-banked’ citizens and businesses that fall below conventional bank thresholds, Blossom details.
“We’re huge proponents of the BMT model in Indonesia. When you go around with one of these BMT agents into the community, and you see the relationship between the agent and the cooperative members, you begin to understand that this model is something special – it’s a totally different model of banking unlike anything in the conventional banking realm” said Martin. “The loan sharks hate this model because it’s gradually putting them out of business.”
Blossom’s Recent Islamic Finance Bitcoin Research Paper Bolsters the Microfinance Fund That Aims to Help Traditional Market Sellers
The news follows Blossom’s in-depth research analysis that shows bitcoin and other cryptocurrencies meet the Islamic definition of money under Shariah rules and that it’s permissible for Muslims to use. Because of this, the firm’s fund will be a first of its kind that enables BTC, BCH, and ETH acceptance for those who adhere to the Islamic finance doctrines. “What we do is truly global by nature, so naturally it makes sense to leverage the world’s first truly global currencies,” Martin emphasizes to news.Bitcoin.com. “We use bitcoin and ethereum to transfer money globally more cheaply and quickly than the banks can do it — And we get much more competitive exchange rates this way.”
Investing in Blossom’s microfinance fund helps traditional market sellers to earn an honest living by supplying food and necessities for daily life — Muslims should focus on productive, real-world economic activity – not merely playing with exchange rates and fluctuation.
What do you think about Blossom’s Islamic microfinance solution that accepts bitcoin and ethereum? Let us know in the comments below.
Images via Matthew Martin, and Blossom.
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