The ‘Coinbase Bundle,’ where users could purchase five cryptocurrencies together for as little as $25 on Coinbase, has been quietly canceled.
The U.S.-based exchange has updated its FAQ to make clear that its Coinbase Bundle offering is no longer available.
“Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Coinbase Bundle have been redistributed to their respective individual asset wallets,” the post reads. As a result, there is no longer a standalone wallet for the assets. Instead, all of the purchased cryptocurrencies are now in their respective wallets.
Coinbase Bundle Offered Accessibility At The Cost of Profit
The Coinbase Bundle was unveiled in September of last year to make it easy for new investors to purchase cryptocurrencies. The Bundle allowed one to purchase a weighted package of five cryptocurrencies at once: Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Ethereum Classic. At that time, the exchange also released their “Coinbase Learn” program. Here, beginners could learn about the various cryptocurrencies listed on the exchange.
At the bundle’s launch, the exchange said: “the purpose of the bundle is to make buying more convenient and less overwhelming.” However, the package struggled to find investors considering that if you bought $100 of the Bundle in Dec 2017, you would have had just $20 a year later.
An Alternative Approach
The platform so far has not responded to questions over why it canceled the bundle. Yet, it did release a new product yesterday which allows investors to copy the buying habits of the top 10 percent of Coinbase Pro traders. It’s quite similar to the bundle but intended to instill confidence.
It remains to be seen whether Coinbase will try to resurrect the bundle package as the market continues its uptrend. As of now, the cryptocurrency exchange has no such plans. On the bright side, at least nobody is suing the platform over this.
Why do you believe the Coinbase Bundle was a flop? Let us know your thoughts in the comments down below.
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