The San Francisco-based cryptocurrency exchange Coinbase has quietly pulled the plug on its Bundle product, which allowed users to buy a basket of cryptocurrencies with fiat.
According to an update on its FAQ page, the cryptocurrency exchange “deprecated” the Coinbase Bundle product, and all assets in it have been “redistributed to their respective individual asset wallets.”
The move, first spotted by Crypto Briefing, is believed to have been made because the product wasn’t a profitable one. Coinbase Bundle was launched back in September of last year to make it easier for investors to gain exposure to the cryptocurrency ecosystem, through a weighted basket of the cryptocurrencies the company then offered.
This means users could use a small amount of fiat to buy bitcoin, litecoin, ethereum, bitcoin cash, and ethereum classic at once. Per the exchange itself, the bundle’s purpose was to “make buying more convenient and less overwhelming.”
At the time, the exchange also launched other features: Coinbase Learn and new asset pages.
We’re rolling out a suite of new features to help people understand, explore, and buy their first cryptocurrency. Learn more about Coinbase Bundle, Coinbase Asset Pages, and Coinbase Learn here: https://t.co/djQbqGkDKI
— Coinbase (@coinbase) September 27, 2018
The timing was off, however, as the product was launched during the bear market that saw the price of most cryptocurrencies drop well over 80%. Images shared on social media in December of 2018, when bitcoin hit its $3,200 low, showed investing $100 on Coinbase would’ve led to significant losses only a few months later.
As covered, Coinbase recently launched a service offering its users four free exclusive “trading signals,” in a bid to help its customers “independently create and manage their own crypto strategy.”
It’s worth noting Abra, a digital asset exchange and wallet provider, launched a product packaging various cryptocurrencies into one at about the same time Coinbase launched its Bundle product. Abra’s product is its BIT10 token.