Digital Asset Exchange Huobi Launches Crypto Index Fund

HB10 crypto fund will be listed on Huobi Pro exchange in trading pairs against Tether.

by Marin Marinov
01 June • 2 min
In Markets

One of the major global cryptocurrency exchanges, Huobi, said on Friday it has launched an index fund, named HB10, which will track its HUOBI 10 index.

“HB10 will help users attain exposure to the digital assets market with a relatively small capital outlay and also provide users with greater diversification across constituent coin trading pairs," the company said on its website.

The HUOBI 10 index comprises Bitcoin, Ethereum, EOS, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, IOST, and Huobi Token.

The new fund

HB10 was launched at 06:00 AM UTC on Friday, Huobi announced on its official Twitter account. The subscription period will last till June 7, during which investors can subscribe for HB10 shares with Bitcoin (BTC)Ethereum (ETH), Tether (USDT), and Huobi Token (HT). The subscription fee can reach up to 0.1%, depending on the subscription amount.

Subsequently, the HB10 token will be listed in trading pairs against USDT on the Huobi Pro exchange.

 “The exchange of HB10 shares will be in the form of a basket of constituent coins, with the number of component coins to be exchanged for the smallest unit of HB10, announced on a daily basis. HB10 exchange in and out will be available throughout the trading day and will be first established 1 month from the commencement of HB10 or after a subsequent announcement,” Huobi explained.

Houbi plans to update the fund every 15 seconds and rebalance it, depending on the constituent coin trading pairs and their weight changes, on a quarterly basis.

On Friday, Huobi also listed the EKT coin on its HADAX platform, causing a rapid increase of the EKT price. EKT traded at USD 0.15 as at 10:12 UTC, up more than 15% for the last 24 hours. EKT is the token of EDUCare, a project for a blockchain-based programming platform.

Huobi is expanding its exchange service in Brazil in view of growing interest towards cryptocurrency trading in the Latin American country