World’s leading crypto exchange Coinbase has struck down the Coinbase Bundle, a crypto investment product, from its website. The company removed the product without any prior information or explanation. The Coinbase Bundle was introduced last year in September, with the aim of giving a simplified crypto trading experience to new users. Within its official unveiling, it was released for sale in the US, the UK, and a few European countries.
On its FAQ page, the company states that because the lacklustre performance of Coinbase Bundle since launch, it has been pulled down and “redistributed to their respective individual asset wallets.” He further added that though it has been removed option to view purchase history for the bundle in the Accounts section, users will still be able to view it under Tools > History. The company further added,
The assets in your Coinbase Bundle will be placed into their respective individual asset wallets. You will no longer see a standalone wallet for your “Coinbase Bundle” purchase. This is a cosmetic-only change. The amount of cryptocurrencies you purchased as part of your Coinbase Bundle will not change.
Coinbase Bundle was a kind of basket of bunch trading, which offered investment products, in a combination of five leading cryptocurrencies, namely, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC). Each of the tokens was combined in the proportion of its total market cap. The smallest product was sold for $25, £25, or €25, depending on which region you belong to.
Basket investment products have become quite popular in the US market, especially due to the growing awareness among users about cryptocurrencies. Gemini Exchange, backed by the famous Winklevoss Twins, for instance, launched a similar product called Cryptoverse, a basket investment product combined by market cap of included tokens, to be bought as a unit. As per a study, over 58% of people have heard about Bitcoin, which is far greater compared to the European Union’s 25-30%.