The Bitwise 10 Large Cap Crypto Index tracks 10 of the largest cryptocurrencies in the market and provides investors a chance to invest in the best cryptos in the market. Offered by the San Francisco based Bitwise Asset Management, users can invest in the fund by buying the Bitwise 10 Crypto Index Token (BIT10). Now, these tokens can be bought on the crypto wallet and exchange Abra, which has recently formed a partnership with Bitwise.
Giving Simple and Easy Access to Crypto
Investing in crypto has gotten easier with the BIT10 token as investors will not have to spend time researching various cryptocurrencies or opening accounts across exchanges. They can buy BIT10 and have exposure to the top 10 cryptos. The users can get started with only $5, and there is no transaction fee involved. The professionally managed fund reduces risk and hassles for investors, especially those who are just getting started with crypto.
It is important to note that the BIT10 token is listed exclusively on Abra and provides a means for investors to get exposure to assets making up 80 percent of the existing crypto market. Explaining the features of the token, Abra explained:
“This set [crypto holding] is screened according to Bitwise’s rigorous and transparent index methodology, which ensures assets meet liquidity, security, and robustness requirements.”
The assets are rebalanced each month to represent the top 10 cryptocurrencies adequately.
How Will the Offering Work?
Any Abra user can buy cryptocurrencies with a minimum investment of $5. Abra doesn’t pose any restriction on the buying and selling of BIT10 tokens.
Explaining the importance of the token, Abra founder and CEO Bill Barhydt said:
“We created the BIT10 token to allow greater access to cryptocurrency investing by making the experience simple and accessible. Through partnerships like this one with Bitwise, Abra has created an unprecedented opportunity for the everyday person to start investing in crypto.”
Bitwise CEO Hunter Horsley echoed Barhydt’s statements and said that index investing is popular in traditional financial markets and cryptocurrencies because it provides diversified exposure without the hassles of constantly monitoring the news. He also noted that index investing has been available only to institutional investors in cryptocurrencies and he is thrilled to change that with the BIT10 token on Abra.