Abra In Partnership With Bitwise Is Launching a Crypto Token That Tracks Crypto Index
It was created by Bitwise Asset Management fund and is tied to the top 10 coins on the market cap list. When investors buy this new token made on BTC-basis they will invest in the top 10 coins at once.
Per the announcement, any investor is now able to acquire the BIT10 token through the Abra app, with a $5 minimum investment. Hunter Horsley, the CEO at Bitwise, said:
“Index investing is extremely popular in stocks, bonds, and crypto because it gives investors diversified exposure without having to constantly monitor news and try to predict which assets will be most valuable. So far in the crypto space, index investing has only been available to institutions and accredited investors.”
The Bitwise 10 Crypto Index Token gives retail investors a simple way to benefit from the diversification and rebalancing of index investing.
Currently, the Bitwise fund has the following coins in its portfolio: BTC, ETH, EOS, XMR and several other top assets, including Zcash. The purchase of new coins can be made with assets that Abra wallet supports: BTC, BCH, LTC or fiat money.
While the token is built on Bitwise’s index fund, it is not an exchange-traded fund (ETF), an Abra representative said. However, the token is similar to an ETF in its ability to grant investors exposure to an index.
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