LOGO_CRYPTO_SIGHT

Lykke’s New Service Aims to Take Guesswork Out of Crypto Investing

By | March 8, 2019
thecryptosight-lykkes-new-service-aims-to-take-guesswork-out-of-crypto-investing
Lykke’s New Service Aims to Take Guesswork Out of Crypto Investing

Swiss blockchain-based exchange Lykke has launched a new service to help make investing in cryptocurrencies easier without needing to constantly figure out what to buy or when to sell.

Richard Olsen, Lykke’s CEO, said, “With the collapse of cryptos in 2018, investors are sitting on losses. They own BTC, ETH, EOS or AltCoins and have to decide if they should just stick with their holdings or switch to another crypto with a better outlook. Buying another crypto is risky, because their timing may be wrong.”

Lykke’s new service, called LyCI (pronounced ‘Lucy’), gives investors exposure to the crypto market’s top 25 cryptocurrencies by market capitalization. It is positioned as a “simple, accessible, and tradable” ERC-20 token that taps a dynamic investment portfolio in the market’s top performing cryptos.

Lykke gave an overview of how its index fund is weighted in a blog post back in January – with 59% invested in Bitcoin, 12% in Ripple, and 11% in Ethereum. Other included assets are Bitcoin Cash, Dash, Dogecoin, EOS, Litecoin, Monero, and Neo.

Lykke has stressed that this profile and weightage will likely change over time depending on market performance. LyCI is “rebalanced minute by minute, which means as cryptos gain and fall out of favor, you get a piece of this action as it is happening.”

Lykke’s website also explains, “As soon as an asset starts to devalue, LyCI starts reducing your position in it, and increases your position in the appreciating assets.”

LyCi comes with a fee of 1.45% annually, which is deducted upon settlement.

Tags: , , , , , , , ,

Comments