HomeAltcoin NewsBitwise Unleashes New Top Ten Crypto Tracking Platform

Bitwise Unleashes New Top Ten Crypto Tracking Platform

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Bitwise Asset Management is unveiling its new Bitwise Ten Crypto Index Fund (BITW). The platform is designed to be an open-ended trust for new investors considering cryptocurrency exposure.

Bitwise Is At It Again

Bitwise has always been at the center of the world’s crypto arena. The company was widely regarded as the frontrunner to garner approval from the U.S. Securities and Exchange Commission (SEC) when it came to getting a bitcoin or cryptocurrency exchange-traded fund (ETF) established, though things didn’t quite work out in this respect.

Much like every other company that has tried this route, the idea of a bitcoin ETF was unceremoniously rejected by the governing agency, which expressed concerns over bitcoin’s volatility and the lack of security and regulation in the marketplace that could potentially lead to trading problems.

But this was but a small bump in the road for a company like Bitwise, which continues to bring crypto innovation to the front of the line, and with its new index fund, the space is set to receive a lot of additional interest from professional traders. The fund made its official entrance into the crypto market last Wednesday on the OTCQX, which is widely considered one of the top over-the-counter marketplaces for tradeable assets.

Initially, shares in the fund began at a meager $25. Within a few hours, however, shares jumped by roughly $6. At the time of writing, traders can gain access to the fund through an assortment of brokers including Fidelity and Charles Schwab, making it the first crypto fund of its kind to be available through traditional brokerage firms.

One of the primary goals of the fund is to track the trends and price changes that occur with the world’s ten largest cryptocurrencies, which at press time include assets such as bitcoin, Ethereum, Ripple’s XRP, Tether and Litecoin. These currencies are regularly monitored for liquidity changes and risks so that traders constantly have the most up-to-date information, thereby allowing them to make educated investment decisions.

Matt Hougan – the chief investment officer of Bitwise – commented in a recent interview:

The start of public trading for shares of BITW will make it significantly easier for financial advisers, family offices, individuals and institutional funds to allocate the peace. We believe the fund offers a robust, one-stop solution.

An ETF Is Not Yet Out of the Question

The fund operates privately and is presently only available to accredited investors. In addition, they are required to hold their shares for approximately one year before trading them.

Despite all the positive hype and hoopla surrounding the index fund, Hougan reassured his listeners that at the end of the day, it is the main goal of Bitwise to unveil a new bitcoin exchange-traded fund. He says there will be no distractions from this goal, and that users should remain confident Bitwise will be the first company to issue such a product.

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Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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