Singapore based crypto exchange, Huobi announced a crypto exchange traded fund (ETF). It allows retail investors to attain exposure to more assets at a time.
Investment Instrument – HB10
On Friday, the crypto trading platform, Huobi announced its news investment option called HB10. It is now available for subscriptions by allowing purchases only on cryptocurrencies.
HB10 will make a replica of the Huobi 10 index
The new product, HB10 is the replacement for Huobi 10 index which was recently launched. It was used to track 10 various assets on Huobi Pro exchange based on their market cap and liquidity.
However, index uses weighted samples to reflect on entire performance of market on Huobi pro. Thus, crypto platform aims to support HB10 to diversify risks for retails investors and exposing them to major crypto assets.
Additionally, the new product will be available for institutional investors and also lessens the impact of institutional entry and exit on a individual crypto asset.
The official website reads:
“HB10 will use the full replication method, and its holdings are adjusted according to the component coin pairs of Huobi main force index and their weights, to effectively track the underlying index trend. However, by exchanging for HB10, users can hold Huobi main force index. Users can have the opportunity to exchange for a basket of corresponding digital assets so that they can invest in a non-systematic risk diversification digital asset portfolio with fewer virtual currencies. In a non-one-sided market, HB10 can help to provide users with a risk-distributed and diversely targeted tool for long-term digital asset exchange”.
Recently, Huobi crypto exchange confirms that it is expanding its operations to Brazil. The representatives of crypto exchange said to be marketing their platform at Sao Paulo, Brazil, where its new office has been set up. However, the Singapore-based Exchange, Huobi is looking for a talent in the country through LinkedIn. However, they have two vacancies; Chief Compliance Officer as well as Digital Marketing Manager.
Huobi holds the world’s third largest cryptocurrency after processing $1.1 billion trading volume, with 233 total cryptocurrencies traded. Since, there will be increase in the competition in the country’s crypto market.
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Image Source: Huobi