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Laxman Pai, Opalesque Asia: Digital currency wallet and exchange Abra has launched a new Bit10 token, short for Bitwise 10 Crypto Index Token, created by San Francisco-based Bitwise Asset Management 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," said a press statement from the company.
"The BIT10 gives investors a simple way to benefit from the diversification and rebalancing of index investing. Now, by holding one asset, Abra users can gain exposure to 80% of the crypto market," it added.
The index will track the price of the 10 largest cryptocurrencies by market cap that also meet several criteria in Bitwise's rigorous and transparent index methodology.
To be included in the BIT10, crypto assets first need to meet liquidity, security, and robustness requirements, it said. Each month, the set of 10 coins is rebalanced by Bitwise, adding, removing, or adjusting weights of coins to adjust to the constantly changing market.
Bitwise Asset Management launched its initial index funds a little over a year ago. Since then, the company's initial fund has performed better than investing in bitcoin alone, claimed the statement.
"Now, with BIT10, anyone around the world can invest in a crypto index on the Abra app - with a $5 minimum investment, no restrictions on entry or exit timing, and no fees," said the statement. ...................... To view our full article Click here
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