Note: As of May 31, 2022, Abra Perx has been paused. Abra Perx rewards mentioned in the article below are no longer active. New ways of using CPRX are planned for the future. We will publish updated details at a later date.
Today, we’re proud to announce Abra Perx, a game-changing loyalty program that provides Abra users with a revolutionary way to take advantage of the new token economy. Abra users will gain unique access to a new utility token, Crypto Perx (CPRX), created by the newly formed Crypto Banking Alliance (CBA). Upon token launch, Abra users will be airdropped an amount of CPRX tokens that is proportional to their individual historical usage of Abra. Trade, Boost, and borrow today to take advantage.
What does CPRX do?
By holding CPRX tokens in their account, Abra users will gain significant additional benefits of Abra’s fast-growing crypto wealth management platform. After the token launch date, the Abra Perx program will provide all Abra customers with:
· Cash back on all Abra Trade™️ transactions,
· Bonus yield for all Abra Boost™️ funds,
· Negative loan interest (lower effective rates) for any Abra Borrow™️ loan,
· An ignition reward for new users who fund their account,
· Referral rewards for inviting friends who fund their Abra accounts, and
· Rewards recognizing existing Abra users’ historical usage
You may hold (or “stake”) CPRX tokens for additional benefits or exchange them via Abra Trade for Bitcoin, Ethereum, USDC, or other assets supported by the Abra wallet. Upon token launch scheduled on November 15 by the CBA, Abra anticipates that CPRX will be listed on several cryptocurrency exchanges and DEX liquidity pools.
How can you get CPRX tokens?
The CBA is expected to announce details of initial exchanges supporting CPRX throughout the fourth quarter of 2021, but there are ways you can get the token airdropped upon launch. 15% of Abra’s token grant is going towards Abra wallet users. Some of the pool is allocated based on the historical usage of Abra, but new users will be rewarded as well. Abra has also set up an airdrop to help promote awareness of the token limited to the first 50,000 users that participate. Register for the airdrop and learn more about the token here.
As a launch promotion, Abra will be offering accelerators on CPRX rewards. Promotion details will be announced in the coming days. Although you can’t see the actual tokenomics yet, Abra’s algorithm will be offering these more aggressive rewards for active users of Trade, Boost, and Borrow in Abra prior to launch.
A note from Abra’s CEO
“The token economy is booming. We wanted to find a unique way to reward our loyal customers via this new token economy while doing something totally unique. Crypto Perx represents the perfect opportunity to do just that,” said Bill Barhydt, Founder and CEO of Abra. “This new program enables us, via this unique partnership with CBA, to reward our customers for their loyalty, bolster the innovative products we have launched this year and further evolve the future of banking. We are committed to growing our Abra community and this partnership with CBA provides Abra users a unique and revolutionary avenue to take advantage of the new token economy.”
The CPRX utility token is the backbone of the Abra Perx program, designed to maximize yield for Abra customers and recognize them for their loyalty while creating new opportunities for engagement on the Abra platform. The program, available to all Abra customers, rewards users with CPRX tokens for a wide range of account activities, including creating accounts, making referrals, and using Abra products.
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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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