Cryptocurrency, Huobi launches an ETF. The Chinese platform has started selling a new fund based on the world's first 10 cryptocurrencies.
The cryptographic trading platform Huobi is continuing its aggressive expansion projects in new markets ... and in new products.
For example, on 1 June 2018, the Singapore-based institution launched a Exchange Traded Funds (ETF) based on cryptographic assets, a diversified portfolio that allows traders to invest in a basket of digital currencies.
According to the company's announcement, the fund, named Huobi 10 (HB10), will replicate the Huobi 10 index, which Huobi has already unveiled last month, and which was designed to track the top 10 virtual currencies or those with the highest market value and most liquidity. According to Huobi, the fund is currently open for trading, but with some limitations.
For example, traders will only be able to purchase HB10 through certain cryptocurrencies - i.e. bitcoin (BTC), ether (ETH) and the cryptocurrency of Huoban of Huobi Token (HT), based on Ethereum. Investment in fiat currency (i.e., in euros, or U.S. dollars) is not permitted.
We still remember that Huobi charges a subscription fee based on the amount invested. Those investing from 100 to 500.000 USDT are charged 0,10% of the value invested, investments between 500.000 and 1 million USDT are charged 0,05% and institutional investors who invest more than 1 million USD do not they pay no cost. The maximum investment is 10 million US dollars.
The fund will only be negotiable on Huobi Pro, the cryptographic platform existing by Huobi and subject to normal exchange restrictions: the fund will therefore be available for global investors, including those in China, but not for customers based in the United States, given the position that the regulators of the States States have hired with cryptocurrency ETFs.
So far, the United States Securities and Exchange Commission (SEC) has thrown cold water on cryptocurrency ETFs. Earlier this year, following recent statements from companies seeking to list cryptocurrency related ETFs, Dalia Blass, director of the SEC's investment management division, wrote that there would be some important investor protection issues. which need to be reviewed before sponsors start offering these funds to retail traders.
Anyway, the previous one has been a great week for Huobi. Previously, as reported by China Money Network, Huobi has announced that it has collaborated with the Chinese investment company NewMargin Capital and with the South Korean securities company Kiwoom Securities to launch a 93 million fund useful for investing in blockchain startups in the two countries. . In closing last week, the exchange confirmed the rumor that it was actually setting up an office in Brazil.
