ABRAcadabra of crypto investing: Abra launches BIT10
Abra, an all-in-one global app offering crypto exchange and wallet and attempting to make cryptocurrency investing simple, has just made a huge step forward to its goal by launching a new crypto index token, called BIT10, traded exclusively on the app. The product provides global retail investors with access to 80% of the cryptocurrency market (ten biggest cryptos by market capitalization) with a minimum investment of only 5$.
Abra created the token in collaboration with Bitwise Asset Management, a cryptocurrency asset management company. Each month, Bitwise will rebalance the set of 10 coins, by adding and removing coins to adapt to the continually changing market. The BIT10 is 100% collateralized in Bitcoin and uses the same synthetic asset model as other Abra’s assets.
BIT10 positions are stored in multi-signature smart contracts on the Bitcoin or Litecoin blockchain. Once the investment is made, Abra and the user are starting a smart contract that effectively secures the asset invested (either fiat or crypto) to the corresponding amount of BIT10 tokens. Abra will get a real-time price from Bitwise, and the BIT10 investor will see the market moves up or down followed by the price of their BIT10 tokens.
Abra was founded in the Silicon Valley by Bill Barhydt, an expert in the cryptocurrency space, a former software builder for Goldman Sachs and an early Netscape employee in 2014. And its achievements on the route of making cryptocurrency investing simple has been stellar since then, thanks to Bill’s determination and the support from companies like American Express Ventures, First Round Capital, Ignia, RRE Ventures, Silver8 Capital, etc.
I contacted Bill to ask more about this new service and why it’s so important and as Bill explained himself it’s crucial for the future of cryptos and it’s just the beginning:
“The biggest roadblock for the mass adoption of cryptocurrencies is products and services that are easy to use and understand for the average consumer. Our goal at Abra is to offer products and services that are so easy to use that the consumer barely knows they are there. We plan to launch several index products in the future. Abra’s synthetic currency technology can also be applied to many product types beyond crypto investing. Stay tuned for those announcements.”
How to Invest in Crypto Index BIT10 explained by the creators:
It’s easy to get started with Abra. Just download the app from the Apple Store or Google Play and set up an Abra wallet. App’s users can fund the wallet via credit card, bank transfer, or other crypto assets to get started. Once the money was deposited start buying in BIT10 or any of Abra’s 28 supported cryptos (including NEM, Monero, NEO, Lisk, Stellar, Verge and more).
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