Crypto wallet provider Abra is launching a new token in a bid to offer investors more exposure to the cryptocurrency market.
The Bitwise 10 Crypto Index Token (Bit10), developed with Bitwise Asset Management, tracks the top 10 cryptocurrencies by market capitalization and is rebalanced monthly. Investors can purchase the token, which is built on bitcoin, to essentially invest in all 10 cryptocurrencies at once, according to a press release.
This grants retail investors access to "nearly 80 percent of the cryptocurrency market" at once, the release stated.
Abra CEO Bill Barhydt told CoinDesk that at present, the fund invests in bitcoin, ethereum, XRP, bitcoin cash, EOS, stellar, litecoin, dash, monero and zcash. Users can deposit bitcoin, litecoin, bitcoin cash or a fiat currency into their Abra wallets and convert funds to the Bit10 token, he added.