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.
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Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
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