As part of the process of forming Abra Bank in the U.S. and Abra International outside the U.S. (announced on Sept 12, 2022), Abra has launched Abra Boost! Abra Boost is a new product offering that will enable all qualified investors to deposit and earn interest on their digital assets.
Abra Boost is available to all non-U.S. individuals, institutional investors, and U.S. individuals who are accredited investors. This requirement will be in effect until Abra Bank launches in the U.S.
Note: Outside the U.S., Abra Boost is available to all individual and institutional investors with no additional action required.
How Can I Become an Accredited Investor with Abra?
Abra supports the following two methods to become a verified accredited investor:
- Income of over $200,000 as an individual, or over $300,000 when combined with a spouse for each of the last 2 years (also called as the “Income Standard”).
- Net worth or joint net worth with a spouse of at least $1 million, not including the value of their primary residence (also called as the “Net Worth Standard”).
To learn more about the documents required to fulfill either Standard, please click here.
Note: You can use either “Income Standard” or “Net Worth Standard” to become a verified accredited investor – you do not need to use both.
When you have your documents ready, you can contact Abra Customer Support to receive instructions to upload and submit.
What Happened to Abra Earn?
All qualifying existing customers of Abra Earn, including individual and institutional investors, are transitioned to Abra Boost. Abra Earn has stopped accepting new customers or assets. More information about the transition can be found here.
Abra Boost is available to all non-U.S. individuals, institutional investors, and U.S. individuals who are accredited investors. This requirement will be in effect until Abra Bank launches in the U.S.
Note: Outside the U.S., Abra Boost is available to all individual and institutional investors with no additional action required.
Are There Any Changes to Abra Trade and Abra Borrow?
You will continue to enjoy Abra Trade and Abra Borrow exactly as you do today – there are absolutely no changes to Abra Trade and Abra Borrow
Download AbraAbout Abra
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.
Why Abra
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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