The Abra team has been crazy busy of late. Thanks to all of you, our large and growing membership base, we’ve added over 1 million new users since launching Abra Perx late last year. Our institutional and lending teams have managed $ billions in loans with no losses to our investor base.
We’ve recently formed our Abra Capital Management Group, which is now managing five funds. The Abra team is now almost 200 people strong and growing. Investing in a recession isn’t easy and you need to think long term. Abra is here to help. To that end, we’ve been listening to you and are super excited to share our upcoming product and service roadmap with you.
Today at the Consensus Conference in Austin, I’ll take the stage with Mohammed Badi, President of Global Network Services (GNS) at American Express. Our respective teams have been working really hard on an exciting new product that we are announcing today!
Today: The Abra Crypto Card on the American Express Network
I’ve been waiting for this one for a long time and I’m over the moon that it’s finally ready to announce. Today, we announced the Abra Crypto Card — the first crypto rewards credit card on the American Express network that will transact in U.S. dollars and offer crypto rewards, such as Bitcoin.
Cardholders will be able to use the Abra Crypto Card to generate crypto back on ANY purchase category and amount. The crypto rewards will be tradable across over 75 different cryptocurrencies supported by Abra with no annual or foreign transaction fees. I can’t wait to start showing off my Abra Crypto Card with that cool Amex logo on it.
In addition, the Abra Crypto Card will offer several benefits from the American Express Network, including Amex Offers (for shopping, travel, dining, services, entertainment, etc.), presale ticket access, Global Dining benefits, and purchase protections.
The Abra Crypto Card is planned for a release in the second half of this year.
Today: A New NFT Service
Almost two years in the making, Abra has created a completely new way for users to store, manage and transact with the Ethereum network. If you’re familiar with MetaMask or other wallet apps, you know what a hassle it is to manage your keys and how easy it is to screw things up. Abra has completely solved this problem. Our new NFT and DeFi wallets use an advanced architecture to completely hide the complexity and difficulty of both NFTs and DeFi.
Our new, integrated NFT service feature will enable easy access to a variety of NFT marketplaces while minimizing gas fees. You shouldn’t have to be a Ph.D. in MetaMask to buy or sell NFTs. Our new NFT feature will make it super simple to buy and sell NFTs from a variety of marketplaces. Personally, I’ve missed out on a couple of BIG NFT sales because I didn’t have my laptop with me at the right time. Now, I can just use my Abra App and I’ll be able to participate in any standard NFT sale from anywhere in the world. Plus, my NFT gallery is always immediately accessible from Abra App. Damn, that’s cool.
The Abra NFT service is planned to launch this fall.
Abra Prime: More Coming This Year
Our institutional services are booming, and we’ve rebranded these services to reflect that. Abra is already one of the most respected lenders in the institutional crypto market. Our risk management processes are second to none in this market.
Abra Capital Management now has five funds up and running focused on both yield and next-generation token opportunities. Look for Abra to expand our Prime offering into more trading capabilities, increased lending functions, and additional fund options for institutional and accredited investors.
In addition, we will also be launching Abra Prime on the web that will allow businesses to easily onboard, manage their accounts, transact, get advanced reporting, and much more using a beautiful new web experience. Abra Prime on the web is planned to launch later this year.
A New DeFi Service
Using the same architecture as our new NFT service, our new DeFi service will add myriad DeFi liquidity pools and other investing opportunities directly into Abra Boost. You will be investing directly into these DeFi capabilities utilizing your Abra account. We’ll be in touch soon about one such investment opportunity that I’m really excited about.
After this, Abra’s team will curate opportunities by listening to the needs of our community. So, please let us know your feedback on which DeFi opportunities you’re most interested in and excited about.
Abra Web is Coming Too
Finally, it’s coming. Your number one requested feature is Abra access on your desktop or laptop. Abra Web will give you all of the great Abra features you currently have – plus our newly announced features all from a fully-integrated, web browser experience.
As part of the Abra Web launch, Abra will announce some additional features to make end-user security even better. We’re proud of what we’ve done so far to ensure top-notch security while also making ease of use a top priority. Yet, we’re humble enough to know we need to constantly fine-tune and implement the latest security features to protect our community. I’m excited to eventually share these features with you.
Abra Web access is planned to launch in the second half of 2022.
Abra Trade: A Great Solution is Coming
We’re almost done building a new trading solution that’s based on three key pillars:
- Lowest possible spread vs spot price
- Advanced market and limit orders
- Full integration with Abra Perx and eventually with Abra Boost.
We believe we’ve developed the best, user-friendly trading solution on the market today.
We can’t wait to launch this new solution, starting with some users in the Summer of 2022, and a full rollout planned for the second half of 2022.
The Future of Abra Perx
With over 1 million users touching Abra Perx over the past several months the feedback has been incredible. Many of you love Abra Perx and many of you don’t. In every instance, we’ve listened to your feedback and are designing an upgraded Abra Perx solution that drives even better utility and value for our top customers.
We’ll have a lot more to say about Abra Perx and CPRX in the coming weeks, but we’re confident that the next iteration of Abra Perx will blow your socks off.
Don’t forget: You can join the waitlist to get access to the Abra Crypto Card here.
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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