In their attempt to woo new crypto-investors and make it easier for them to own digital assets, Coinbase, the US-based Leading cryptocurrency exchange has launched a new offering “Coinbase Bundle” starting at a minimum price of $ 25.
About the New Offering
Coinbase, one of the oldest and largest cryptocurrency exchanges in the world, earlier on Thursday announced the launch of a new product offering named “Coinbase Bundle.” This move will make things easier for beginners who are keen to add crypto-assets to their investment portfolio but find it overwhelming to get started in the digital asset space.
The bundles, starting at a minimum price of $ 25, will have all the five cryptocurrencies that are up for trade on the exchange, in a ratio which is proportional to the market capitalization of each asset. The five assets include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ethereum Classic.
Preparing for Growth
This strategic launch by Coinbase has come amidst fierce competition in the growing cryptocurrency market which experienced massive growth in 2017. The overall market capitalization of the market grew from a mere $ 50 billion at the beginning of the year to around $ 800 billion by December before it corrected in 2018 (At the time of publishing the number stands at $ 223 Billion).
In January 2018, an average number of 100,000 users was added by cryptocurrency exchanges every day. Most platforms were at that time understaffed and were not able to handle the sudden and unexpected surge in demand. The cool off period since January has given the exchanges including Coinbase, the opportunity to ramp up their resources to handle future growth.
Coinbase, earlier in the year, has taken many steps to grow its business including the launch of services for institutional customers (Coinbase Custody, Coinbase Prime and Coinbase Institutional coverage Group), a partnership with Caspian to provide advanced trading tools and the release of a new policy for adding new coins.
How Does Coinbase Bundle Work?
The new product offering is already live and available to customers in the US, Europe, and the UK. The bundle makes it easy for a new user to enter the market by providing an affordable price point as low as $25, without having to figure out how much of each asset to buy. The system automatically determines the proportion according to the market cap of the five assets available on the platform.
Once the purchase is complete, the assets will get transferred to their respective wallets. The user can then move or sell those assets individually. The Help section has been updated with the frequently asked questions about the Bundle.
In addition to Coinbase Bundle, the platform has also added “Coinbase Asset Pages,” which gives out information about the top 50 cryptocurrencies (Even though most of them are not available on the platform yet) and “Coinbase Learn,” a learning resource for users willing to know more about the underlying technology.
Coinbase with its slew of new offerings, tool, and partnerships has prepared itself to retain its position as the most preferred and trusted exchange in the world just as we approach October which historically has seen the start of many Bitcoin rallies.
Do you think the new offering from Coinbase will help the exchange attract new crypto-investors? Do let us know in the comments below.
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