Amsterdam-based fintech company Triaconta is cancelling its Combicoin (COMBI). The coin is in violation of Dutch Financial Supervision Act, according to watchdog AFM. Combicoin basically functioned as an investment fund and Triaconta had no license or exemption grand by the AFM, the fintech company stated on Monday.
They launched their coin late 2017 as an index coin of the top cryptocurrencies, which would be re-balanced monthly. Now they announced a change to their product where COMBI as a coin will no longer be needed. Triaconta is cancelling COMBI per January 10th 2019. All remaining COMBI will be automatically switched to ETH, based on the price of that day. Obviously consumers can also check out earlier, if that would be more beneficial to them.
Triaconta is staying in the bundle business. Their new product is called Triaconta Bundles. Starting with 100 euro investors can buy a preset bundle, for example ‘Top 30’ or ‘Big 3’, or create a bundle themselves from a selection of 40 cryptocurrencies. Bundles can be bought using iDeal or bank transfers. You can adjust your bundle at any time. Pay-outs to bank accounts happen within a 5-day time period. Combicoin users can switch to these Triaconta Bundles for free.