The Bitwise 10 Large-Cap Crypto Index was developed by cryptocurrency asset management firm Bitwise Asset Management and is reportedly listed exclusively on Abra. The index tracks the ten largest cryptocurrencies by market capitalization, currently representing 80 percent of the total crypto market capitalization.
Digital currency wallet and exchange Abra has launched support for a new token, BIT10, that tracks the Bitwise 10 Large-Cap Crypto Index.
Per the announcement, any investor is now able to acquire the BIT10 token through the Abra app, with a $5 minimum investment. Hunter Horsley, the CEO at Bitwise, said:
“Index investing is extremely popular in stocks, bonds, and crypto because it gives investors diversified exposure without having to constantly monitor news and try to predict which assets will be most valuable. So far in the crypto space, index investing has only been available to institutions and accredited investors.”
“Once invested, Abra and the user are entering into a smart contract that effectively pegs the asset invested (either fiat currency or cryptocurrency) to 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.”