Coinbase, the largest digital exchange in the U.S. announced reduction in its annual management fees for all its investors in order to increase mass adoption of crypto assets. The fees will see a drop of 1 percentage point from 2 to 1 percent.
The exchange in a blog post published on August 13 stated, “We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.”
The announcement also included the incorporation Ethereum Classic (ETC) in its official listing, which took place last week.
Earlier in mid- June this year, coinbase expressed its wish to include Ethereum classic in its listing. A month later, the digital exchange considered adding five more crypto assets – Basic Attention Token (BAT), Stellar Lumens (XLM), Cardano (ADA), ZCash (ZEC), and 0x (ZRX).
The largest cryptocurrency exchange launched its Index Fund with four important cryptocurrencies in mid – June. The fund is welcomed for investors who are residents of the U.S. and who have net worth of more than $1 million or an annual salary of more than $200,000, i.e, the investors who can invest between $250,000 and $20 million.
Coinbase is one of the top exchanges in the crypto market and being in its sight can give this coin a significant impetus. A large number of coins strive to find themselves in Coinbase’s radar. Ripple’s XRP has been trying to get a place in Coinbase’s official listing since early June but to no avail. XRP is being rejected by the digital exchange on the grounds of regulation and decentralization.