Digital Asset Exchange, OKEx Reveals Its Crypto Index Fund, OK06ETT
In the latest statement made by OKEx, it appears that the digital asset exchange will be launching a crypto index fund called the OK06ETT, where investors will be given the opportunity to invest in a basket of six cryptocurrencies. The entire process will be done through a fund, in which shares will be traded on the exchange.
According to the claims made, the OK06ETT will be ready for use, starting Tuesday, June 5th, 2018. Upon its launch, the crypto index fund will house Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), EOS and OKB – which is an OKEx-based utility token. The coins will all be traded against Tether (USDT).
The OK06ETT isn’t the first product of its kind, as Huobi recently launched the HB10, a crypto EFT that also offers shares in the form of baskets. OKEx’s product will be made available on its respect exchange to investors with a required minimum investment of $100. It has also been stated that assets can be redeemed for either USDT or in underlying, which will be done instantly.
The list of investing firms only seems to be growing as several other giants like that of Coinbase and Grayscale Investments have been providing similar services. However, the advantage with OK06ETT is its feasible investment minimum as the latter two firms have heavy limits set – $50,000 for Grayscale and $250,000 for Coinbase.
In addition, the product offered by OKEx is open to retail investors on its platform, whereas the others only focus on accredited investors. Nonetheless, this is a growing industry and many firms have been making the initial steps in offering a wide range of crypto funds. This is especially useful for consumers who are interested in investing in crypto, but not sure which direction to take.
If the crypto market continues to hold its stance, similar products and services like that of the OK06ETT will definitely make its way.
Will OKEx succeed in its goals despite the closely related services that already exist?