Coinbase launches its first index fund for cryptocurrencies

Coinbase Inc., the popular cryptocurrency exchange, is launching a weighted index fund for digital currencies as it enters the asset-management business for the first time.

Coinbase President and Chief Operating Officer Asiff Hirji made the announcement Tuesday afternoon on CNBC’s “Fast Money.”

“It’s a very simple to use, easy way to get exposure to the crypto-assets that we offer on our exchange,” Hirji told CNBC.

The San Francisco-based startup, which is valued at about $1.6 billion and in November surpassed stock brokerage Charles Schwab Corp. SCHW, +2.09% in customer accounts, said the new Coinbase Index Fund will give clients exposure to all assets listed on the company’s exchange.

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