Abra, which provides online cryptocurrency wallet and exchange services, has launched support for the new BIT10 token, which tracks an index of the largest cryptocurrencies in terms of capitalization. The Bitwise 10 Index is developed by cryptocurrency asset management firm Bitwise Asset Management and is offered exclusively to the Abra exchange.
The value of each BIT10 token reflects the value of 10 coins in the index, while token positions are stored in multi-signatory smart contracts on the Bitcoin (BTC) or Litecoin (LTC) blockchains. According to the announcement, any investor can now purchase the BIT10 token through the Abra exchange app, and the minimum investment amount is $5.
Index investing is extremely popular in stocks, bonds, and cryptocurrencies because it provides investors with a variety of information without having to constantly monitor the news to stay on top of price action. “Until today, index-based investing has only been available in the crypto space to institutions and accredited investors,” said Hunter Horsley, CEO of Bitwise.
After investing, Abra enters into a smart contract with the user that “links” the invested asset (fiat or cryptocurrency) to the same amount of BIT10 tokens. The Abra exchange will receive real-time price indicators from Bitwise Asset Management, and a user who invests in the BIT10 token will see the up or down market movement reflected in the price of their BIT10 tokens.
Last month, Abra allowed direct buying and selling of cryptocurrencies from European bank accounts. Customers can now transfer Euros or some other national currencies directly into their wallet, which in turn can be converted into 28 cryptocurrencies supported by Abra.
According to https://cointelegraph.com
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