Provider wallet Abra launched a new token, which is based on the portfolio of crypto-currency assets.
Introducing… The world’s first crypto index is accessible to everyone, everywhere https://t.co/NLMoONjDpQ pic.twitter.com/PO11kkWgCk
— Abra (@AbraGlobal) 3 Zhovtnya 2018 R.
Bitwise 10 Crypto Token Index (Bit10) is based on the portfolio of the top 10 cryptocurrencies by market capitalization. The structure of assets in the portfolio monthly rebalanced. The index was developed by the led by Newelem Ravikant company Bitwise Asset Management last year.
In a press release it is noted that instead of investing in various assets separately, users can buy token Bit10. This gives you the opportunity to actually invest in a portfolio of assets, capitalization of which covers 85% of the market.
According to the CEO of Abra bill Barhydt underlying token, the Fund invests in bitcoin, Ethereum, XRP, Bitcoin, Cash, EOS, Stellar, Litecoin, DASH, and zcash for Monero. Users can Deposit Fiat currency or cryptocurrency wallet Abra, and then to convert the funds into tokens Bit10. Thus, Barhydt emphasizes that by itself, the token is not a Foundation.
“Token Bit10 100% based on bitcoin. This is one provided by bitcoin wallet with multipoles. The number of bitcoins stored by the customer on the wallet token automatically displays the index value of Bit10 in dollar terms. Abra is one of the parties to the contract, hedging all risks of the counterparty. This is how the rest of the synthetic assets Abra”, he added Barhydt.
In token-based are smart contracts that bind cryptocurrency or Fiat money to digital assets index Bit10. The value of the latter, in turn, depends on the price dynamics of the underlying assets.
Representatives of Abra said that although the token based on the index Fund Bitwise, it is not an exchange-traded Fund (ETF), and therefore does not require approval for launch by the regulators.
At the same time, created the index Fund company Bitwise still intends to launch a cryptocurrency based on the ETF. Company representatives say that at the present time Bitwise is waiting for the relevant decision on its application from the Commission on securities and stock exchanges of the USA.
“Token BIT10 — not security” — summed up Barhydt.
Recall that in last month Abra added support for SEPA payments, which allows app users to buy bitcoin for Euro.
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