Abra launches BIT10: own 80% of the cryptocurrency market for $5

Verified
1 month ago
0

Abra, the global app, offering digital wallet and crypto exchange, that intends to make cryptocurrency investing simple, recently launched BIT10, a new crypto index token. It’s traded exclusively on the app and provides the global retail investors with the access to 80% of the cryptocurrency market (as it includes ten biggest cryptos, measured by market capitalization). And similar to any other cryptocurrency, it’s possible to purchase only a fraction of BIT10, so investors can pick which amount works best for them and experience low minimum buy-ins ($5), with no limitations on when you can sell or buy, and no transaction fees.

The token was created in collaboration with Bitwise Asset Management, a cryptocurrency asset management company. The partner will provide the pricing calculation and rebalancing rules, and the mythology is openly available and described here.

As was stated in official press-release:


“So far in the crypto space, index investing has only been available to institutions and accredited investors.” – Hunter Horsley, CEO of Bitwise.


And the companies are excited that with BIT10 on Abra, it will become accessible to anyone.

Future Times talked to Bill Barhydt, the veteran in the cryptocurrency space, a software engineer for Goldman Sachs and an early Netscape employee in the past, who founded Abra back in 2014 and asked to explain why the launch of BIT10 is so important and why the company decided to pick Bitwise at the partner:

“Bitwise is 100% focused on building crypto index fund products and has built significant expertise in all aspects of running an index fund including rebalancing rules, product and fund oversight. They have a great team, and it’s been a pleasure to work with them to bring the BIT10 to market.”

And he also described the new product as an ideal way to continue pursuing major Abra’s goal:

“Our number one priority right now is to create massive market awareness for an app. Currently, we have a very diverse set of users ranging from 20-75 years of age in 100 countries including both rich and developing countries. And our goal is to maintain a diverse user base while growing in all markets. That’s why we are excited about bringing this new investment product to the everyday retail investor. We believe with the BIT10 we’ve created the simplest and most compelling product for the retail investor to tap into the new cryptocurrency market.”


“Our goal is for every investor in the world to add cryptocurrencies to their portfolio.” – Bill Barhydt, CEO of ABRA.


BIT10 utilizes the same synthetic asset model as all the rest of Abra’s assets and is 100% collateralized in Bitcoin. All the positions are kept in multi-signature smart contracts on the Litecoin or Bitcoin blockchain. With every investment, Abra and the user are opening a smart contract that effectively secures the asset invested (either cryptocurrency or fiat) to the same value of BIT10 tokens. A huge advantage to Abra’s technology is that it’s based on a non-custodial wallet, which eliminates the need for third parties and provides the user with more control.

Last month, Abra enabled the direct buying and selling of cryptocurrencies for European bank accounts. Now its customers can transfer euros or several other currencies right to their wallet which can be converted into the 28 cryptocurrencies that are currently supported by Abra (including Monero, NEO, NEM, Stellar, Lisk, Verge and more).