Crypto.com takes pointers from ETFs with new ‘basket’ product

Crypto.com has released a new feature on its app that allows users to purchase multiple ‘coins’ in a single trade, touted as cryptocurrency’s answer to exchange traded funds (ETFs).

These ‘Crypto Baskets’ offer investors the opportunity to diversify their cryptocurrency portfolio by accessing several thematic coins at once.

Crypto.com has curated 12 baskets that are currently available either in Australia or globally, with more to be released in the coming months according to the platform. The baskets include:

• BTC-ETH Duo: Two largest coins by market cap, BTC and ETH
• Trio: Comprising BTC, ETH, and CRO
• Big 3: Three largest non-stablecoins by market cap – BTC, ETH, and SOL
• Top 10: Ten largest coins by market cap according to CoinMarketCap
• Solana: Popular coins in the Solana ecosystem
• Ethereum: Popular coins in the Ethereum ecosystem
• Cronos: Popular coins in the Cronos ecosystem
• Meme: Popular coins based on internet memes
• RWA: Popular coins that help connect smart contracts with real-world applications
• AI: Popular coins used as part of artificial intelligence-based projects, apps, and services
• DePin: Popular coins used to develop physical infrastructure by leveraging blockchain technology
• GameFi: Popular coins used in gaming and the metaverse

“Our Crypto Baskets have the potential to revolutionise access to cryptocurrency investing with just one tap and it is unlike anything we’ve offered before,” Vakul Talwar, General Manager of Australia at Crypto.com, said.

“We can see investment appetite is well established and growing in Australia, and people are looking for new ways to enter the crypto assets market so it’s important to offer products that allow them to do this safely, securely, and easily and this is what Crypto Basket will provide.

“Alternatively, if you’re already a Crypto.com user this is a super simple way to diversify your portfolio and encourage a broader risk and range of cryptoassets, while still holding full control of your assets. Users can sell a basket partially or in full at any time, or buy more of it at any time, so it really lends a new kind of flexibility to investing in multiple coins at the same time.

“We’ve started by launching eight basket categories in Australia and globally, but we will expand this over time.

“We saw the positive sentiment in the market when Bitcoin and ETH ETFs were approved in the United States earlier in the year – that was because of the ease of access that ETFs provide institutions and retail investors.

“We’re inspired by this and ended up designing our crypto baskets, we want investing in crypto to be a seamless experience with lots of different categories for customers to self-select from. As our industry and the crypto market continues to mature and develop we are committed to offering industry-first products that are user-friendly and broaden access to cryptocurrency adoption.”