Another Crypto Exchange Is Rolling Out a Token-based ETF

OKEx – the crypto-to-crypto trading platform launched by OKCoin, previously one of the three top exchanges in China – has rolled out a cryptocurrency exchange-traded fund.

The new offering, though branded as 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 as a whole to lower transaction costs and diversify risk.

The company said the ETT will initially replicate the performance of six cryptocurrencies that are traded on its platform against the U.S. dollar-pegged tether (USDT) cryptocurrency, including bitcoin, ethereum, litecoin, bitcoin cash, EOS and OKB – the platform’s own utility token.

OKEx said tokens have to be among the top 10 percent in terms of 30-day average trading volume against tether on the platform in order to be eligible for the index. However, OKB is a constituent token of OK06ETT by default, a company representative said…

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