Abra now supports Ether, Bitcoin and over 50 Fiat Currencies

Today, we’re excited to announce a major upgrade to our Abra app to support investing in ether, the digital currency that powers Ethereum, as well as bitcoin and fiat. We’ve extended the Abra app to hold 3 wallets simultaneously. We believe that this is an industry first for a non-custodial digital currency wallet.

The new release is the first to utilize Abra’s new, advanced multi-signature Bitcoin technology for holding various digital assets in a single wallet.

Why is this a big deal?

First, some context. Bitcoin experts recommend that you store your funds in wallets so that YOU control the funds. But most bitcoin wallets support only bitcoin and don’t support fiat currencies at all. That means having multiple wallets, dealing directly with exchanges, and managing multiple private keys and logins. It can be quite daunting. What’s more, moving cryptocurrencies from the exchanges to your various wallets can be particularly nerve-wracking. If you make a mistake entering your address, your money might be lost forever.

At Abra, we set out to make bitcoin easy to use without sacrificing security or speed. You shouldn’t have to sweat every time you buy, sell, or move bitcoin between apps and services. Instead, we want you to spend your time learning, transacting and investing with confidence.

With Abra you manage your bitcoin, ether and fiat currencies in one place. One app, with one recovery phrase. Simple. Once you have added money to the Abra app, you can quickly and easily exchange it for any other supported currency in the app. No more worrying about copying and pasting addresses between apps or accidentally moving money to the wrong place.

Now this is where it gets really cool: Abra is now able to offer alternative digital currencies like ether — the currency of Ethereum — with some technical magic. How? It’s similar to how some commodity funds have worked for years.

As an example, when you invest your US dollars (or whatever your local currency may be) in gold through a fund, you don’t actually get that gold delivered to your house. Instead, you get exposure to gold price changes without having to own the physical gold. As you know, the price of gold relative to the US dollar fluctuates and gold funds track gold prices. If the value of the gold fund goes up, the amount of gold stays the same but you’ll end up with more dollars if you cash out. If the value of the gold fund goes down, the amount of gold stays the same but you’ll end up with fewer dollars if you cash out. This is accomplished through financial contracts. Because of contracts, you can trade on gold prices without actually physically owning the gold.

Abra is a bitcoin wallet, so our underlying currency is bitcoin. When you use Abra to invest in ether, you’ll still be holding bitcoin, but you’ll have a contract that will give you exposure to the price changes of ether. If the value of ether goes up, you’ll gain more bitcoin. If the value of ether goes down you’ll lose bitcoin. Either way, the amount of ether you’re holding will stay the same.

In this way, Abra enables you to invest in ether without creating a separate wallet, managing separate keys, or figuring out how to buy ether on an exchange. When you’re ready, you can redeem your ether investment for bitcoin or US dollars and then withdraw the proceeds to your bank, or use another supported withdrawal mechanism.

We believe this is the most convenient way to seize new cryptocurrency investment opportunities quickly, easily and securely – all in one place.  Please try it out and let us know what you think.

Don’t have the Abra wallet yet? Download it today! (for iOS and Android)

101 thoughts on “Abra now supports Ether, Bitcoin and over 50 Fiat Currencies

    1. Hi Martin,

      We are looking into supporting the ability to invest in other cryptocurrencies, outside of Bitcoin and Ethereum. We will keep you posted on any new offerings.

  1. If I move my bitcoin from my abra bitcoin wallet back to fiat using my abra fiat wallet, will it incur charges like network fee or there are other charges too? Thanks.

    1. Hi Steve,

      We are sorry your bank is not supported. Soon, we will release a penny drop linking feature that will enable anyone to link their personal US bank account. We will keep you posted on updates.

    1. Hi Ed,

      Thanks for the feedback. We are actively looking into adding the ability to invest in other cryptocurrencies, such as Litecoin. We will keep you posted on updates to the Abra app.

  2. I sent btc funds to your app last Dec 6, 4:18pm to buy etherium but until now its not transferring to my wallet. Your customer support is no longer responding since yesterday. I’ve already provided the confimation of my other wallet showing that the transfer is in the blockchain already. Why wont you release my funds?

    1. Hi Gerard,

      We apologize for the delay in your transfer. There is currently a backlog of transactions on the blockchain, which the miners are slowly working through. We are looking into the issue and will keep you posted. Thanks for your patience.

    1. Hi David,

      Currently, Abra is a mobile app only. But we value the feedback and will take that into consideration as well plan for improvements to the service in 2018.

  3. I went to Nevada State Bank to open an account , but when I meationed I would be using Abra to draw funds and to receive funds from Abra – the clerk went to her supervisor and she went to “legal” and was told that they would shut down the account if transactions showed up. They are on your approved list. Any suggestions, I am having problems getting started.

    1. Hi Ed,

      Sorry to hear that. That is a rare case, we are not sure why Nevada State Bank would deny you to transact with us through ACH. They may have a policy against Bitcoin in general. You should ask them about it. In which case, we would advise using another bank. If you have further questions or concerns, please email us at contact@abra.com.

  4. You mention that Abra now supports Ether, Bitcoin and over 50 Fiat Currencies. I could not find any reference to what 50 fiat currencies you support. Can you list them?
    jim

    1. Hi Dennis,

      Thanks for the question. So you cannot transfer ether from your wallet to an external Ethereum wallet. We use Bitcoin to enable you to gain exposure to ether’s price action. So you need to exchange back into Bitcoin or fiat currency to move money off of Abra. However, we are looking into functionality to allow users to withdraw ether directly to other wallets. We will keep you posted on future updates. For more info about how our app functions, check out this FAQ article: https://support.abra.com/hc/en-us/articles/115003200412-Can-I-withdraw-ether-from-Abra-

  5. In my first transaction with ABRA I set up and BTC wallet and transferred cash from bank to ABRA. The BTC was then purchased at a random time after ABRA received the cash. Can I transfer cash from my bank account, store it, and then decide when I would like to convert it to BTC? If so, do I just set up a USD wallet, transfer USD from bank and convert wallet to BTC wallet when I want to buy? And, what is the expected turnaround from conversion of wallet to transaction? Thank you.

    1. Hi JK,

      So yes, the way to do that in the Abra app is to set US Dollars and Bitcoin as your wallet currencies. You can then transfer funds from your linked bank account to your USD wallet. Then, when you want to exchange into Bitcoin, you can do that almost instantly. You can exchange back and forth between your 2 wallets to take advantage of the price action of Bitcoin. If you have further questions, please email us at contact@abra.com.

    1. Hi John

      At the moment, Union Bank is the only banking partner we have in The Philippines. We are looking into expanding support, so we will keep you posted on any future updates. Please send us an email at contact@abra.com if you have further questions.

    1. Hi Georgia,

      No, you will only have 1 address. Your Bitcoin address, where you can send and receive bitcoin from external wallets. We use Bitcoin as the underlying technology to gain exposure to digital assets like the US Dollar or Ethereum. If you have further questions, please send us an email at contact@abra.com.

  6. I currently do have Bitcoin within Abra and trying to exchange it to Ether. Had presses Exchange button and selected Wallet 3 as thats where my Ethereum Wallet is, but this will only bring me to Manage Wallets where a message says “Your ETH Wallet has no balance. Change ETH to new currency”. Am I missing out a process or something? I just want to convert my BTC to ETH using the app, or having ETH is cant be done within Abra .
    Hope you can advise. Thanks.

    1. Hi JM,

      Yes you can exchange BTC to ETH through Abra. So once you have ETH set as 1 of your 3 wallet currencies, you need to follow these steps:

      1. Make sure Bitcoin and Ethereum are set as your wallet’s currencies.
      2. Tap ‘Add Money’ in your PHP wallet or ‘Buy Bitcoin’ in your BTC wallet
      3. Tap ‘Exchange’ in your ETH wallet
      4. Select your funding source and confirm the amount you want to exchange

      If you try this and continue to have issues, please send us an email at contact@abra.com.

  7. Any word on when you’re going to let users select the level of Bitcoin network fee as your hard-coded default is still excessively high?

    1. Hi Hannibal,

      Thanks for the comment, we value this type of feedback. We are looking into ways of both giving users more flexibility on mining fees, as well as optimizing through improvements like Segregated Witness. We will keep you posted on future updates.

    1. Hi Paul,

      So we use Bitcoin to enable Abra users to invest in Ethereum. Learn more about how we do that here. Think about like investing through a commodity ETF. When you buy a gold ETF, you aren’t actually buying the underlying physical gold. You are just gaining exposure to the price action. Therefore, you cannot send or receive ETH from an external wallet. We are looking into ways to enable this functionality though. We will keep you posted on future updates.

    1. Hi Soza,

      You need to download the Abra app on the Google Play store or the Apple App store, depending on whether you have an Android or iPhone. Then, just follow the sign up flow when you open the app on your mobile device. Abra does not have a web-based app. It is something we are actively looking into. If you have further questions, or need help setting up, please send us an email at contact@abra.com.

    1. Hi Louis,

      Our bitcoin exchange rate is the current mid-market rate. So, the mid-point between the buy and the sell prices of the two currencies to an exchange rate. If you have further questions, please send us an email at contact@abra.com. Thanks!

  8. Hello,

    Where can I see my ETH Wallet address in the app?

    Sorry I just learned about this platform only now.

    Thanks in advance.

    1. Hi Angelo! Abra is not an ETH wallet. Rather, it provides you with the ability to invest in Ethereum similar to how a gold fund provides you with the ability to invest in gold without actually holding the gold. Please have a close read of the blog post above, in particular, the following paragraphs:

      Abra is a bitcoin wallet, so our underlying currency is bitcoin. When you use Abra to invest in ether, you’ll still be holding bitcoin, but you’ll have a contract that will give you exposure to the price changes of ether. If the value of ether goes up, you’ll gain more bitcoin. If the value of ether goes down you’ll lose bitcoin. Either way, the amount of ether you’re holding will stay the same.

      In this way, Abra enables you to invest in ether without creating a separate wallet, managing separate keys, or figuring out how to buy ether on an exchange. When you’re ready, you can redeem your ether investment for bitcoin or US dollars and then withdraw the proceeds to your bank, or use another supported withdrawal mechanism.

  9. I couldn’t get OTP to login, I am from India. I have tried several times. Please mail the solution here :
    [email redacted]

  10. I have Bitcoin that I want to withdraw. When I go to withdraw to a QR address at the top of the screen where it shows the amount I can withdraw the amount shows zero. When I have bitcoin that was already purchased why does the amount show zero available to withdraw?

  11. I have two transactions this afternoon at 12pm which until now I can’t make any exchanges. It always appears “you can’t make exchanges until confirmation”. Please help. Thank you for your response.

    1. Hi Bryan:

      You cannot send or receive ETH to or from external Ethereum wallets. We use Bitcoin to enable Abra users to invest in Ethereum. Learn more about how we do that here. The above post also goes into some detail.

      Think about like investing through a commodity ETF. When you buy a gold ETF, you aren’t actually buying the underlying physical gold. You are just gaining exposure to the price action. Therefore, you cannot send or receive ETH from an external wallet. We are looking into ways to enable this functionality though. We will keep you posted on future updates.

    1. Hi AJ. If you are in the US or the Philippines, you can easily withdraw funds to your bank account. You can find information on US banks here and here. Information on banks in the Philippines can be found here.

      You can also move your bitcoin to any external bitcoin wallet.

      For ETH and other investments, you’ll have to move your funds back into BTC or fiat before withdrawing, as noted in the post above.

    1. Yes, you can invest in ETH by adding fiat or BTC to Abra, then exchanging from one wallet to another. Please have a careful read of this post to understand the details of how we enable our users to invest in ETH, as it’s different to how some other services work. There are currently no fees for this transaction, though this may change in the future. Please check our current fee structure here.

  12. Hello! I am in the Philippines and have a USD account. Can I send USD to my USD wallet using the Union Bank Bill Pay to ABRA?

    1. If I understand correctly, you have a USD-denominated bank account in the Philippines? Unfortunately, in the Philippines, we support only PHP-denominated bank accounts. We’ve had more than a few requests to support USD-denominated bank accounts outside of the US, however, so this is something we may look into in the future.

      Please note that all comments on the blog will receive a reply on the blog. If you’d like a reply to your email, you need to contact our customer support team.

    1. Not at the moment, but it’s something we’ve certainly had requests for, so it’s under consideration. Keep an eye on the blog/our social media/our emails for any future updates!

  13. Will bitcoin deposit transactions via over-the-counter tellers in the Philippines go through instantly or you’re currently experiencing delays due to the bitcoin network backlog?

  14. Since bitcoin is costly and moving it uses a lot of resources, is it possible to buy other coins like ETH using fiat directly? I am looking for this service at this moment since moving bitcoin is really expensive. I hope you will take this into consideration.

  15. Can I buy Ether directly? Or should I first convert my fiat into Bitcoin, then buy Ether?
    Also, on a similar note, can my Ether be converted directly into fiat?
    Thank you.

  16. I get this msg when I try to transfer money from my bank to cash wallet or bitcoin wallet: “oops unexpected error has occurred. Please try again.” Why?

  17. Hi,

    Just a question, where can I find my ETH wallet address in Abra? Just want to check it on etherscan.io. If I’m really holding the ETH.

    Thank you

    1. Hi Irvin, please have a careful read of the post above, in particular:

      Abra is a bitcoin wallet, so our underlying currency is bitcoin. When you use Abra to invest in ether, you’ll still be holding bitcoin, but you’ll have a contract that will give you exposure to the price changes of ether. If the value of ether goes up, you’ll gain more bitcoin. If the value of ether goes down you’ll lose bitcoin. Either way, the amount of ether you’re holding will stay the same.

      In this way, Abra enables you to invest in ether without creating a separate wallet, managing separate keys, or figuring out how to buy ether on an exchange. When you’re ready, you can redeem your ether investment for bitcoin or US dollars and then withdraw the proceeds to your bank, or use another supported withdrawal mechanism.

      You won’t have an ETH wallet address because you’re not actually holding ETH. For more on how we do this, please see our more technical blog post.

    1. Hi Cathy,

      No we have not implemented SegWit yet. We are actively looking into implementing SegWit and will be in touch soon with updates.

  18. Is abra wallet erc20 compatible.. because I’m planning to participate on a token sale on january and the devs says the wallet should be erc20 compatible?

  19. when will implement the ETH wallet address to send and receive directly. only exchange is available.

    interested to use.

  20. About a week ago I put Abra app on my android phone and set up a request with my bank for a small transfer. The transfer has yet to take place but of more concern is that my app refused to connect starting a couple days ago so finally I deleted app and reinstalled. There was no login I could find so I went through setting up account with same credentials which were accepted except I got a new 13 word phrase. I continued to setting up bank acc’t and didn’t see my previous setup so I did it again but have not asked for a small transfer till I find out what will happen to my orig transfer to acc’t with the first 13 word phrase. Could you address this issue for me?

    1. Hi Gary,

      Thanks for the comment. If you re-download the app and use your original passphrase (not the new phrase, but keep that one too in case you want to access the new account), you should be able to access your original setup. Don’t re-download if you didn’t write down the original pass phrase. If you continue having issues or have further questions, please send us an email at contact@abra.com.

  21. I hope you have support for monero in the future, preferrably in the coming months. I’m planning to use your service to buy cryptos. Sadly Monero is still not yet supported in the Philippines.

    1. Hi there!

      Thanks for the feedback. We are actively looking at supporting more cryptocurrencies, and Monero is a popular request. We will make sure to keep you posted on updates in the future.

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