ABRA Will Offer 0% Interest Loans against Bitcoin and Ethereum
Fast growing crypto wealth management app will let users borrow against BTC and ETH holdings and withdraw directly into a fiat bank account
Mountain View, CA, June 02, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) –– Abra (https://www.abra.com/), a fully compliant platform for buying, selling, and trading 75+ cryptocurrencies and earning interest of up to 10.5% percent on select digital assets, today announced that Abra Borrow, its in-app feature for using crypto as collateral to borrow fiat against digital asset holdings, will offer an unprecedented 0% interest option on loans against Bitcoin and Ethereum. For the first time, crypto holders can borrow against BTC and ETH, and quickly withdraw TUSD directly into a bank account with no interest fees for up to 10% loan-to-value (LTV).
“Offering 0% interest through Abra Borrow lets customers quickly access 10% of their holdings for free while still gaining the benefit of any upside price movement of those holdings. Nothing like this has ever been done before,” said Bill Barhydt Founder and CEO of Abra. “With more people owning crypto now than ever before, having tools to effectively manage and access gains are essential to a flourishing crypto ecosystem. Abra is fully committed to being a leader in this new and growing space.”
Abra Borrow is an instantly accessible personal line of credit for anything like a down payment on a home, college tuition, buying a car, medical bills, or buying more cryptocurrency. This feature is available in the Abra Mobile App globally in most countries and in 41 U.S. states, with rollout to additional U.S. states expected in the near future.
Abra is steadily becoming a leading wealth management app as the first to go to market with meaningful new products and services, including Abra Borrow, for managing both crypto and fiat. Crypto exchange users are consistently drawn to Abra Trade’s simple user experience, which requires no trading experience, while new non-crypto users are attracted to the easy on-ramp. Abra Earn has consistently offered the highest returns of any crypto service provider with US dollar stablecoin rates currently at 10.5% per annum. Now Abra Borrow takes this to another level by making instant free US dollar credit lines available via those crypto holdings.
Abra is a full-service digital asset app with seamless fiat-to-crypto features. Launched in 2017, Abra is backed by premier investors including American Express Ventures, Foxconn, First Round Capital, Arbor Ventures, Jungle Ventures, Lehrer Hippeau Ventures, RRE Ventures, and Ignia.
For more information on Abra Borrow and to download the app, please visit: https://abra.com/.
Abra is a financial services and technology company that operates an all-in-one, custodial cryptocurrency wallet and exchange. Abra is the world’s first global investment app that makes cryptocurrency investing simple. Abra’s easy-to-use app provides users with unprecedented access to hundreds of cryptocurrencies, offering the freedom to buy, sell, trade, earn and borrow anywhere, anytime. Founded in 2015 with global headquarters in San Francisco, Abra is available in more than 150 countries. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, DCG and many others. For more information, visit https://www.abra.com/
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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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