Crypto Exchange Huobi Launches First Cryptocurrency ETF

g2b2018 (-8)(1)in #cryptocurrency • 6 years ago

<figcaption class="wp-caption-text">Huobi.pro</figcaption></figure>

Huobi, the third largest cryptocurrency exchange by trading volume, announced late last week that it has launched its first exchange-traded fund (ETF), HB10, a trading vehicle that tracks the HUOBI 10 Index.

Within 30 minutes of the announcement, the new ETF gained over ten million subscribers.

Just launched and have more than ten million subscription in just 30 mins!

Check out HB10 – Exchange for 10 mainstream digital assets by one click to achieve a professional and prudent allocation: https://t.co/mQc9ctrRA4 #huobipro #index #hb10

— Huobi Pro (@Huobi_Pro) June 1, 2018

The HB10 Index is calculated using a Pasche weighted composite price index formula, with the average daily trading volume of the previous quarter taken as a core index of sample selection. The index includes most of the top market cap-weighted cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Ripple (XRP), as well as Huobi’s own token (HT). All listed coins are bought and sold using Tether (USDT).

In the announcement, Huobi highlights the interchangeability of the new index and how that helps investors better diversify their digital assets.

“Being first to market, HB10 offers interchangeability with other digital assets hosted by Huobi Pro. 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. Overall, the tracker product will help users who are interested in blockchain technology to trade the broad digital assets market.”

Trading on the Huobi exchange is still unavailable to United States residents. However, early last month, Huobi announced its expansion into North America with a new office in Toronto, Canada, in an effort to better address regulatory concerns in the western markets.

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Given the regulatory uncertainty over cryptocurrency-related ETFs in the country, the HB10 ETF will likely not be available to U.S.residents for some time.