How Abra Works, News

Abra now supports adding money with over 60 US banks and credit unions

Last week we published our latest app update to the Apple App Store and Google Play Store. This update includes many new features, improvements, and bug fixes, including:

  • Added new US banks and credit unions
  • Improved bank deposit speed
  • Revamped US bank deposit status updates
  • Updated Bitcoin price feed

Added new US banks and credit unions

When we first launched US bank support, we supported 17 of the top banks in the country. Our latest update adds support for 46 new US banks and credit unions, bringing the total number of supported US banks and credit unions to 63. You can find a complete list of these banks in our FAQ and on the “Add bank” screen of the Abra wallet.

Improved bank deposit speed

One of our goals is to make adding money to the Abra wallet easier and faster. To this end, we will be running tests to shorten the amount of time it takes to add money via bank deposit from 2-3 business days to 1-2 business days. In some cases we may require additional verification to protect the security of our customers’ accounts, which could add more time. However, in the best case scenario an Abra customer can now initiate a deposit in the morning before 12:00pm PT and see the money land in their wallet by the end of the business day. Try it out and let us know how it works for you!

Revamped bank deposit status updates

The Abra wallet will now provide more granular updates to let users know what’s happening during each step of the bank deposit process between the time a deposit is initiated and the time it succeeds or fails. Now users can rest easy knowing that their request has been received and is being processed according to standard procedures.

You can see an example of these new updates in the screenshots below:

Abra bitcoin wallet add money bank deposit transfer transaction details


Update bitcoin price feed from Coinbase to XBX

We were previously using Coinbase to get the price we used for bitcoin conversions. As of this most recent app update, our rates are now based off of TradeBlock’s XBX Index. This will result in a conversion rate that more closely tracks the global average across institutional bitcoin exchanges.

Keep the feedback coming!

All of these improvements are the result of feedback sent to us by our users. A big thank you to everyone who has contributed feedback so far!

Got a question or comment about these updates? Let us know in the comment section below or send us a message using the “Contact us” button in the main menu of the Abra app.

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