Following a partnership with Bitwise Asset Management, Abra has issued the Bitwise 10 Crypto Index (BIT10), the firm said in an announcement yesterday. The new token is tracking the regularly managed Bitwise 10 Large Cap Crypto Index.
BIT10 offers 80 per cent exposure to the crypto market for Abra’s customers with the index comprised of the top 10 cryptocurrencies that fulfils Bitwise’s criteria. The threshold the coins must surpass include holding sufficient liquidity, security and robustness. The index will be analysed monthly and adjusted accordingly to keep up to date with the volatile market.
The index can be accessed around the globe with a highlighted feature of a $5 minimum investment with no extra fees. This may intrigue those who are slightly timid in investing a large volume of savings in such a high-risk asset. In the announcement made by Abra, it explains that one of the biggest reasons for creating BIT10 was to widen access to the crypto market by increasing exposure and minimising the barriers.
The value of each BIT10 token will be based on the price of the 10 coins that comprise the Bitwise index it is tracking. The investor holds a position in the index which is represented by the token and mirrors the value.