Support 20 Cryptocurrencies and 50 Fiat Currencies in a Single App
Today, Abra announced support for 20 cryptocurrencies and 50 fiat currencies in a new version of our mobile app that includes a real-time exchange service across all 70 currencies. Users around the world can now buy, sell or store any of these 70 currencies within the Abra app and exchange between them at any time with no limitations. Abra is now the only all-in-one smartphone app in the world with these capabilities.
The new Abra app will be available today to all users globally with an initial 13 cryptocurrencies. The remaining 7 cryptocurrencies will be available to all Abra users in the coming days.
The initial list of cryptocurrencies to be supported starting today includes: Bitcoin, Ether, Litecoin, XRP, Bitcoin Cash, Ethereum Classic, Dash, Zcash, Dogecoin, Golem, OmiseGO, Qtum, and Vertcoin. In the coming days we will add support for: Stellar Lumens, Bitcoin Gold, DigiByte, Augur, Status, Stratis, and 0x.
Consumers can fund their wallet globally with bitcoin, via bank wires or ACH as well as supported American Express cards in the United States. Users depositing bitcoin do not have to provide any additional KYC details outside of their phone number. Users in the US wiring money or using their credit card will have to provide the requisite bank and KYC details to our bank partners. Abra will be adding native support for litecoin and ether deposits in the coming weeks.
There will be no transaction fees for exchanging between currencies, although Abra will make money on the exchange spread.
A brief word on the technology behind this new product. To develop the new wallet and integrated exchange, Abra has created a first of its kind stablecoin platform that facilitates holding both fiat coins as well as cryptocurrencies using a combination of litecoin and bitcoin-based contracts. For a technical overview of how the contracts work, check out our technology overview here.