Crypto exchange Coinbase has unveiled the new COIN50 index aimed at tracking over 50 digital assets. This initiative is designed to expand opportunities for traders and institutional investors outside the U.S., U.K., and Canada.
Coinbase Announces COIN50 Launch
On November 12, Coinbase introduced the COIN50 index that covers major cryptocurrencies listed on the exchange. The index promises users exposure to crypto market trends.
COIN50: Key Components of the Index
Six cryptocurrencies make up 91% of the benchmark weight: Bitcoin, Ether, Solana, Dogecoin, XRP, and Cardano. Access to trade the index via perpetual futures is reserved for eligible institutional traders on Coinbase International Exchange.
Comparison with Competing Indexes
The new index will compete with existing products like the S&P Cryptocurrency Indices and the Nasdaq Crypto Index, which includes eight cryptocurrencies and shows substantial growth.
The launch of the COIN50 Index represents a step towards expanding Coinbase's offerings in international markets, providing new opportunities for traders and institutional investors in the cryptocurrency space.
