Abra Crypto Exchange Launches BIT10 Token To Track Crypto Index
Abra, a trading crypto platform with the same name wallet, have released a new token BIT10 that allows to track the first crypto index for retail investors called Bitwise 10 Large Cap Crypto, according to the Abra press release.
Bitwise developed this index exclusively for Abra. It allows tracking the status of the ten most liquid cryptos on the market, they currently account for 80% of the total market cap. The BIT10 token is open for purchase by anyone using the Abra application for five dollars.
It is popular to invest in indices related to stocks, bonds, and cryptocurrencies, since it gives investors a large amount of information about the market without having to keep up with the news all the time to forecast price increases for certain assets. Until now, in the field of cryptocurrencies, only organizations and accredited investors could invest in indices, Hunter Horsley, executive director of Bitwise, stated.
The price of each BIT10 token shows the value of ten cryptos in the index. After purchasing a token, the client concludes a smart contract with Abra, which allows to peg crypto assets or fiat money to BIT10. Then, via the Bitwise 10 Large Cap Crypto index, the client sees the market fluctuations, reflected in the price of the BIT10 token.
As previously reported, Abra added a bitcoin deposit function for EU residents, through which it is possible to buy cryptos and fiat for the euro.