The BIT10 Index allows Abra users to gain exposure to around 85% of the crypto market with a single investment vehicle. It is a market-weighted derivative product that tracks the combined price action of top coins, including Bitcoin, Ethereum (ETH), XRP (XRP) and EOS (EOS).
While the $25 may be a welcomed amount for most retail investors, the email provided to Abra users revealed that new BIT10 investors must exchange a minimum of $1,000 from any currency into BIT10 during the promotion period. This equates to a roughly 2.5% cashback reward.
Despite the relatively low amounts, Abra’s move further highlights the growing competition among retail crypto exchanges, as they go tit-for-tat launching new features in an effort to grab market share prior to the next wave of user adoption.
Most recently, Voyager, a commission-free crypto trading app, announced a similar $25 sign-up bonus for U.S. residents who pre-register for the platform — with no spending requirement.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.