Cryptocurrency wallet and exchange Abra have unveiled their collaboration with Bitwise Asset Management, allowing Abra customers to invest in a cryptocurrency token that tracks Bitwise’s large-cap crypto index.
Users of the Abra app now have the ability to buy and sell the Bitwise 10 Crypto Index Token (BIT10). BIT10 is a cryptocurrency token based on the Bitwise 10 Large Cap Crypto Index run by Bitwise Asset Management. The BIT10 token enables customers to own tokens whose value tracks an index of 10 different large cap cryptocurrencies. Professionals at Bitwise oversee the index the token is based on, ensuring that the combination of crypto assets is up to specifications.
BIT10 is only available on the Abra app, with each token representing price action based on the above-mentioned index of 10 separate crypto assets. The 10 assets are picked by Bitwise, according to their status as high market cap assets. The chosen assets are managed and adjusted on a monthly basis, so as to provide the most effective combination of criteria.
There is only a $5 minimum investment in the BIT10, with no limitations as far as time periods for buying and selling. The index token provides the public with an accessible way to become involved in cryptocurrency markets, and gain exposure to the price movements of many different significant crypto assets, without the need for time-consuming research and constant portfolio management.
Pairing BIT10 with the Abra platform may prove to be an optimal combination for gaining further mainstream interest — which the crypto space needs more of at the moment, based on a report showing that only 8% of Americans and 9% of Europeans owned some type of cryptocurrency as of March 2018.
The Abra app is a place where individuals can go to easily buy or trade 28 different cryptocurrencies via 50 different fiat currency options. Abra envisions “an open, global financial system that is easily accessible to everyone.” Abra also utilizes the ability for users to control their own private keys — unlike many cryptocurrency investing apps — giving them added security and control.
Cryptocurrencies are complicated, with much of the public seeing the whole sector as confusing. Abra places importance on simplicity, with a greater likelihood of public involvement if things are clear and straightforward. Abra Founder and CEO Bill Barhydt explained, “We created the BIT10 token to allow greater access to cryptocurrency investing by making the experience simple and accessible.”
If there’s one thing that’s certain, it’s that simplicity helps market growth. Apple, for example, has heartily shown the effectiveness of simplicity time and time again, taking a potentially confusing device like the smartphone, and making it mainstream, achieving a profit share of four times the size of its closest smartphone competitor.
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Last modified: May 20, 2020 5:17 PM UTC