The crypto trading giant, OKEx launched by OKCoin, has now become the latest in the crypto industry to launch a crypto exchange-traded fund. This new launch has come just after Huobi’s HB10 debut.
According to the announcement on Tuesday, the new product is named as OK06ETT (OK06 Exchange-Traded Tracker). It will allow investors to track OK06 Index including BTC, ETH, LTC, BCH, EOS and OKB (OKEx’s token). Therefore, the fund will trade against a dollar-pegged token USDT issued by crypto startup Tether.
The new product OK06ETT is designed by OKEx for long-term investors to provide automated diversification and passive trading management.
“To bring satisfactory return to traders in long-term and also to satisfy traders’ needs of diversifying their portfolio. It tracks OK06ETT index as the benchmark because of its comprehensive and representable features. A fully-replicated passive trading managing method is adopted to minimize the error”.
Noticeably, this crypto index fund announcement has come just days after the Huobi Singapore based crypto exchange declared its first crypto exchange trade fund. On Friday, Huobi announced its new investment option called HB10. Therefore, the new product is the replacement for Huobi 10 index. Recently, Huobi poached former OKEx CEO Chris Lee just days after his resignation.
Like Houbi’s ETF policy, the new product of OkEX is always available to retail investors eligible to trade on its exchange. Moreover, it also sets the maximum investment approximately $100. On the note, it has applied a restriction rule to exclude participants from Hong Kong. At present, the crypto EFTs in US counterpart is not still allowed in the country and thus there is not standpoint on the matter by Hong Kong market regulators.
Will the launch of crypto EFTs push regulators to clearer directions?
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Image Source: OKEx