Bitcoin, Cryptocurrency And Blockchain News

Crypto Wallet Abra introduces Crypto Index Token


According to the announcement published on 3rd of October, cryptocurrency wallet Abra has added support for the Bitwise 10 Crypto Index Token (BIT10), which tracks the ten largest cryptocurrencies by market capitalization, currently representing 80 percent of the total crypto market capitalization. Each month, the set of ten coins is rebalanced by Bitwise, adding and removing coins to adjust to the constantly changing market.

It is also indicated that any investor is now able to acquire the BIT10 token through the Abra app, with a $5 minimum investment. Bitwise CEO Hunter Horsley said that 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.

The price of each BIT10 token is based on a real-time price feed of the Bitwise 10 Large Cap Crypto Index, while its positions are held in multi-signature smart contracts on the bitcoin or Litecoin blockchains.

Abra said:

“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 movement up or down reflected in the price of their BIT10 tokens.”

Last month, Abra enabled the direct purchase and sale of cryptocurrencies for European bank accounts. Customers can now transfer euros or several other national currencies directly to their wallet which can be converted into the 28 cryptocurrencies supported by Abra.