Crypto index tracking token launched by Abra October 4, 2018 October 4, 2018
Abra, which offers an app for both iOS and Android platforms and allows users to buy, sell and hold 25 cryptocurrencies and 50 legal currencies in one location, has extended support for a new token, referred to as "BIT10" which tracks Bitwise 10 Large Cap Crypto Index, according to a report published on October 3rd.
The Bitwise 10 Large Cap Crypto index was created by the asset management company Bitwise Asset Management and is presumably listed on Abra only. The index is structured in such a way as to keep track of the ten largest cryptocurrencies for market capitalization. In particular, the top ten encrypted accounts for 80% of the total capitalization of the encrypted market.
According to the announcement, crypto investors will be able to purchase BIT10 tokens through Abra's app. A minimum of $ 5 can be invested through the app. Bitwise CEO Hunter Horsley said
"Investment in indices is extremely popular in stocks, bonds and crypts because it offers investors a diversified exposure without having to constantly monitor the news and try to predict which assets will be more valuable." So far in the cryptographic space, investments in indices were only available for accredited institutions and investors. "
The value of each BIT10 token is equivalent to the value of 10 coins in the index. An intelligent multi-signature contract on the Bitchain (BTC) or Litecoin (LTC) blockchain allegedly holds the token positions. The press release further illustrates the theory behind the operation of the smart contract.
"Once invested, Abra and the user are entering into an intelligent contract that effectively commits the invested asset (fiat currency or cryptocurrency) to the same amount of BIT10 token." Abra will get a real-time price feed from Bitwise Asset Management and the investor of BIT10 will see the market movements up or down reflected in the price of their BIT10 tokens. "
A month ago, Abra began to allow the purchase and direct sale of encrypted by customers using European bank accounts. Customers can transfer euro or other national currencies directly into their wallet which can then be exchanged for any of the 28 cryptos supported by Abra.
At the beginning of March, Bill Barhydt, Abra's CEO, had foreseen it "All hell will be unleashed" in Bitcoin and altcoin markets in 2018. Barhydt explained that his opinion was based on the talks he had with speculators, hedge funds and high-ranking individuals who viewed a "huge" business opportunity in the volatility of cryptographic markets . Barhydt said "Once that happens, all hell will come loose." Once the doors are opened, they are opened. "