Abra shows support for a new token, tracking crypto index

Synthetic asset wallet and exchange Abra has shown its support for the new Bitwise 10 Crypto Index Token (BIT10), in partnership with Bitwise Asset Management. The token tracks the ten most popular cryptocurrencies to date.

The BIT10 index was implemented by Bitwise to keep a record of the top-10 large-cap cryptocurrencies by market capitalization and a five-year inflation rate. BIT10 is listed only on Abra, giving the exchange exclusive rights for its clients to trade with the index.

Investors can put as little as $5 into BIT10, making index investing accessible to the common crypto enthusiasts.

“Investing in indexes is very popular in traditional stock exchanges, because of the lowered volatility. It also gives a chance for everyone to become an index investor – a thing, which was reserved only for institutions and renowned investors. Putting all top 10 cryptos in an index is probably the easiest way to invest in digital assets. You don’t have to monitor and predict market changes that much”, Bitwise’s CEO Hunter Horsely stated in an interview on Abra’s blog.

BIT10’s price is a reflection of the top 10 cryptocurrencies’ prices, and their positions are held in the form of a smart contract, both on Bitcoin (BTC)’s and Litecoin (LTC)’s blockchains.

Investors and Abra conclude a smart contract to secure the deal. Users can invest in both fiat and cryptocurrencies, as well as Abra’s synthetic assets. Bitwise will send Abra real-time price information about the index, so investors can see market movements as they happen.

In September, Abra opened doors to direct purchasing and sale of cryptos using EU bank accounts. Users can now put euros directly into their smart wallets, exchanging them for more than 20 cryptocurrencies on the Abra exchange platform.