Reasons for discontinuation of the product — which had only just launched in fall 2018 — have not been officially provided, with the exchange simply notifying users that:
“Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Coinbase Bundle have been redistributed to their respective individual asset wallets.”
Major United States-based crypto exchange Coinbase has discontinued its Coinbase Bundle crypto investment offering, the platform’s updated FAQ site reveals.
In a further comment, Coinbase says that while users will no longer see a standalone wallet for their Coinbase Bundle purchases, the amount of cryptocurrencies purchased as part of the package will not have changed and is thus “a cosmetic-only change.”
Coinbase Bundles has been designed to purportedly simplify cryptocurrency trading and draw new investors into the sector.
Each bundle was a basket of five cryptocurrencies — Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Ethereum Classic (ETC) — supported on Coinbase and purchased in proportion to their market capitalization in USD. The smallest bundle was sold by the exchange for as little as $25, £25, or €25.
A changing crypto landscape
Earlier this week, Coinbase released aggregated data in the form of three trading signals designed to offer investment insights for its customers: top holder activity, typical hold time and popularity, and price correlation.
In June, the exchange published its key findings about awareness and adoption trends related to cryptocurrency in the U.S., revealing that 58% of Americans have heard about Bitcoin (BTC).
Other U.S.-based crypto trading platforms have similarly launched investment vehicles designed to streamline trading, such as the Winklevoss Twins’ Gemini exchange, which offers a “Cryptoverse” product tied to a basket of cryptocurrencies weighted by market cap to be bought as a single order.