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Abra launches Crypto Token: BIT10

Abra launches Crypto Token: BIT10

October 4, 2018 7:25 am,

Abra, the first and only all-in-one Cryptocurrency wallet and exchange, announced the launch of a new token BIT10 that tracks the professionally-managed Bitwise 10 Large-Cap Crypto Index through a partnership with San Francisco-based Bitwise Asset Management, the leading provider of Cryptocurrency indexes. It gives the ability for anyone, anywhere to invest.

The Bitwise 10 Crypto Index Token (BIT10) is only available on Abra and it offers investors the following benefits:

  • It provides exposure to a set of the 10 largest assets that currently make up 80% of the crypto market cap with one asset investment, previously only available to accredited investors.
  • It eliminates worrying about what Cryptocurrencies to buy since this lets you hold the top ten performers in one asset. The set of 10 Cryptocurrencies is rebalanced by Bitwise by adding and removing coins according to changing market.
  • There are no fees, but Abra does require a $5 minimum investment.

The cost of each BIT10 token is based on a real-time price feed of the Bitwise 10 Large-Cap Crypto Index provided by Bitwise.  BIT10 can be purchased in fractional amounts, so investors can decide which amount works best for them. It is not an exchange-traded fund (ETF) as the token is built on Bitwise index fund itself.

This is how BIT10 work:

BIT10 positions are held in multi-signature smart contracts on the Bitcoin or Litecoin Blockchain. Once invested, Abra and the users are entering into smart contracts that effectively pins the asset invested in the same amount of BIT10 tokens. Abra will get a real-time price feed from Bitwise Asset Management and the BIT10 investor will see the market moves up or down reflected in the price of their BIT10 tokens.

The aim of launching BIT10 token is to allow greater access to Cryptocurrency investing by making the experience simple and accessible. Through this partnership with Bitwise, Abra has created an exceptional opportunity for the everyday person to start investing in Cryptocurrency.