OKEx a crypto trading giant is the latest industry giant to launch a cryptocurrency index fund.
The product which is to be launched on Tuesday known as OK06ETT will permit investors to invest in a basket of six cryptocurrencies via a convenient fund, shares of which will trade on the exchange against other cryptoassets.
The product will include bitcoin, ethereum, bitcoin cash, EOS, as OKB at its launch. The fund will go against USDT, a dollar-pegged token released by cryptocurrency startup Tether.
Investors will also be allowed to exchange the fund for the original assets, which stops its shares from deviating from the fund’s assets value (NAV). A 0.2 percent fee will be charge for recovery of either USDT or the original.
The launch of this cryptocurrency index fund comes in the wake of companion Asia-based exchange Huobi’s release of an extremely similar product, which is referred to as the world’s “first cryptocurrency ETF.” Huobi, as a matter of fact recently plundered former OKEx CEO Chris Lee a couple of days following his resignation.
Similar to Huobi’s EFT, OK06ETT will be available to retail investors qualified to trade on OKEx, and the least investment will be around and estimated $100.