In line with a recent official announcement published, The Bitwise 10 Cap Crypto Index was developed by cryptocurrency asset management firm Bitwise Asset Management and is reportedly listed completely on Abra. The index tracks the 10 largest cryptocurrencies by market capitalisation, presently representing 80 Percent of the overall crypto market capitalisation.
As per the announcement, any capitalist is currently able to acquire the BIT10 token through the Abra application, with a min. $5 USD of investment. Hunter Horsley, the corporate executive at Bitwise, said:
“Index investment is very standard in stocks, bonds, and crypto as it provides investors wide-ranging exposure while not having to perpetually monitor news and check out to predict that assets are going to be most beneficial. Thus so far within the crypto ecosystem, index investment has solely been offered to institutions and commissioned investors.”
The cost of every BIT10 token reflects the worth of ten coins within the index, whereas the token’s positions are reportedly controlled in multi-signature smart contracts on the Bitcoin [BTC] or Litecoin [LTC] blockchains.
Mentioning the operational principle, the press release further adds:
“Once invested, Abra along with the user step into a sensible smart contract that effectively pegs the asset invested [either rescript currency or cryptocurrency] to constant assets of BIT10 tokens. Abra would therefore get a period of real time feed from Bitwise quality Management along with the BIT10 investor could see the market movement up or down mirrored within the value of their BIT10 tokens.”
Even last month, Abra enabled the direct purchase and sale of cryptocurrencies for European bank accounts. Customers could now currently transfer euros or other alternative national currencies directly to their digital wallets which may, in turn, could be changed into the twenty eight cryptocurrencies supported by Abra.
Earlier in March, The CEO of Abra ‘Bill Barhydt’ predicted that all hell can break loose in bitcoin and altcoin markets this year. Barhydt aforesaid that he talked with hedge funds, high networth people, and speculators, who saw a “huge” capability in the volatility within the crypto markets. “Once that happens, all hell can break loose. Once the floodgates are opened, they are opened,” Barhydt added.