Derivative products tied to the new index will not be available to users in the United States, United Kingdom, or Canada.
Crypto exchange Coinbase has introduced a new benchmark for tracking over 50 digital assets, advancing its suite of products for traders and institutional investors overseas.
In a Nov. 12 announcement, the company unveiled the Coinbase 50 Index (COIN50), covering major crypto coins and tokens listed on the exchange. The Index promises exposure to crypto market trends, with six cryptocurrencies making up 91% of the benchmark weight: Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), XRP (XRP), and Cardano (ADA).
With the move, Coinbase is mainly targeting emerging markets and crypto-friendly jurisdictions since derivatives products tied to the index exclude major markets like the United States, the United Kingdom, and Canada.
Related: Coinbase stock breaks $300 for first time since 2021
