Crypto Wallet provider is launching a new token in the bid to provide more risk to the investors for the Abra Cryptocurrency Market.
The Bitwise 10 crypto Index Token (Bit10), developed with bitwise asset management, tracks top 10 cryptocurrencies by market capitalization and is refunded monthly. According to a press release, the investor can purchase tokens made on bitcoin for essential investment in all 10 cryptocurrencies at a time.
This gives retail investors access to “around 80 percent of the cryptocurrency market” at a time, the release said.
Abra CEO Bill Barhydt told that at the moment, investing in Fund Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Stellar, Litecoin, Dash, Monero and zcash.
Users can deposit bitcoin, litecoin, bitcoin cash or Fiat currency in their Abra wallets and convert funds to bit10 tokens.
Token uses a smart contract to paste the user’s cryptocurrency or fiat currency holdings onto a bit10. The price of Bit10 will go forward with the performance of those coins in turn.
While the Abra representative said that the token is made on the bitwise index fund, it is not an exchange traded fund (ETF). However, the token is similar to an ETF which is in the ability of investors to come in contact with the index.
It is being said that BitWise intends to present an ETF based on its cryptocurrency index funds, as previously stated. At that time, the company said that it was in the U.S. Was looking for approval from the Securities and Exchange Commission (SEC).
Barhad explained that “the Abra BIT10 token uses the same synthetic asset model as all of the other Ebora tokens available in our app. The tokens are held in fully collateralized bitcoin multi signal wallets with the user holding their own keys. As such the BIT10 token is not a security.”