OKEx – the crypto-to-crypto trading toneel launched by OKCoin, previously one of the three top exchanges te China – has flipped out a cryptocurrency exchange-traded fund.
The fresh suggesting, tho’ branded spil OK06 Exchange-Traded Tracker (OK06ETT) according to an announcement on Tuesday, effectively represents a basket of crypto assets, the shares of which can be traded spil a entire to lower transaction costs and diversify risk.
The company said the ETT will primarily replicate the voorstelling of six cryptocurrencies that are traded on its toneel against the U.S. dollar-pegged tether (USDT) cryptocurrency, including bitcoin, ethereum, litecoin, bitcoin contant, EOS and OKB – the podium’s own utility token.
OKEx said tokens have to be among the top Ten procent ter terms of 30-day media trading volume against tether on the podium ter order to be eligible for the index. However, OKB is a constituent token of OK06ETT by default, a company representative said.
The announcement comes just days after OKEx rival Huobi Voor also launched a cryptocurrency-based ETF on Friday. That product replicates the market vertoning of Ten cryptocurrencies on its verhoging based on their market valuation and liquidity.
Notably, both OKEx and Huobi have opened their crypto portfolios to Chinese investors, but have applied limitations to exclude users from the U.S. and all its territories.
The suggesting also prohibits participation from investors te Hong Kong, despite being OKEx’s current pulvínulo, following China’s cryptocurrency trading geobsedeerd ter .
Unlike watchdogs ter the U.S. which toevluchthaven’t yet given the green light to crypto ETFs ter the country, market regulators te Hong Kong have not taken a public stance on the punt.
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