In line with a recent official announcement published, The Bitwise10CapCrypto Index was developed by cryptocurrencyassetmanagement firm BitwiseAsset Management and is reportedly listedcompletelyon Abra. The index tracks the10largest cryptocurrencies bymarket capitalisation,presentlyrepresenting80 Percentofthe overallcryptomarket capitalisation.
As per the announcement, anycapitalistiscurrentlyable toacquire the BIT10 token through the Abra application, with a min. $5 USD of investment. Hunter Horsley, thecorporate executiveat Bitwise, said:
“Indexinvestmentisverystandardin stocks, bonds, and cryptoas itprovidesinvestorswide-rangingexposurewhile nothaving toperpetuallymonitor newsand check outto predictthatassetsare going to bemost beneficial.Thus so farwithin thecryptoecosystem, indexinvestmenthassolelybeenofferedtoinstitutionsandcommissionedinvestors.”
The costof everyBIT10 token reflectsthe worthoftencoinswithin theindex,whereasthe token’s positionsarereportedlycontrolledin multi-signaturesmartcontracts on the Bitcoin [BTC] or Litecoin [LTC] blockchains.
Mentioning the operational principle, the press release further adds:
“Onceinvested, Abraalong with theuserstep intoa sensible smartcontract that effectively pegs theassetinvested[eitherrescriptcurrency or cryptocurrency] toconstantassetsof BIT10 tokens. Abrawouldtherefore get aperiod of real timefeed from BitwisequalityManagementalong with the BIT10investorcouldsee the market movement up or downmirroredwithin thevalueof their BIT10 tokens.”
Even last month, Abra enabled the direct purchase and sale of cryptocurrencies for European bank accounts. Customerscould nowcurrentlytransfer euros orotheralternativenational currenciesdirectly totheirdigital walletswhich may, in turn,could bechangedinto thetwenty eightcryptocurrencies supported by Abra.
Earlier in March, The CEO of Abra ‘Bill Barhydt’ predicted that all hellcanbreak loose in bitcoin and altcoin markets this year. Barhydtaforesaidthat he talked with hedge funds, high networthpeople, and speculators, whosaw a “huge”capabilityin thevolatilitywithin thecrypto markets. “Once that happens, all hellcanbreak loose. Once the floodgatesareopened,they areopened,” Barhydtadded.