Abra Borrow, How Abra Works, News

Big Changes Coming to Abra Perx

The Abra community is very important to us. We want to ensure that we provide the best possible platform and features for our users.

When we launched the Abra Perx loyalty rewards program in November 2021, we wanted to reward both new and existing users for using Abra to buy, hold, and borrow crypto. 

The Abra Perx program was met with great interest and adoption. In fact, since the launch of Abra Perx and the CPRX token, over 1 million people joined the Abra community! And, more than half of Abra users generated yield on their CPRX. 

Launching the rewards program was a huge endeavor. We’re grateful to all users for joining the Abra community and participating in our rewards program.

However, starting May 31, 2022, at 11:59 PM PST, we will scale back the Abra Perx program by pausing Abra Trade cashback, Abra Boost yield booster, Abra Borrow cashback, and referral rewards.

Why Scale Back Abra Perx?

Our goal with this decision is to further improve the utility of CPRX, which will also give our users a better loyalty rewards program.

We understand that these updates may create frustration, but please know that we are working tirelessly to grow CPRX’s utility and community, along with the next iteration of improved rewards for Abra users. 

Our team is working on new ways of using CPRX. In 2022, we plan to introduce discounts on advanced order types for users who pay platform fees with CPRX. Plus, CPRX holders will be able to get access to our upcoming DeFi and NFT experiences. 

I Hold CPRX. What Happens Now?

Don’t worry. If you funded your account without a promo code or through a referral before the May 31, 2022 cut-off date you will receive your pending CPRX rewards upon completing the holding period requirements.

Any pending Abra Perx rewards will be distributed to your account by June 15 and paid out at a rate of $0.02 per CPRX.

We’re happy to share that you will still generate 3% APY on CPRX held in your Abra Boost account.

What’s more, as an Abra user, you will also have opportunities to generate CPRX through temporary offers and promotions, such as rewards for account funding. 

What About the CPRX Delisting on Bittrex?

We were made aware that Bittrex will delist CPRX on June 21. While this is disappointing, there is still good news for users. Since CPRX is an ERC-20 token, users can also trade CPRX on various decentralized exchanges. Users can also keep CPRX in Abra and trade it market orders launch later this year.

By scaling back Abra Perx and focusing on creating greater utility for CPRX, we aim to pursue more exchange listings for CPRX as we roll out Abra Perx updates.

Get Ready for CPRX Utility 

We believe that focusing on CPRX utility improvements will create a better user experience for our users.

The Abra team appreciates our community, and we value your feedback! We will continue to work towards providing you with even better rewards in the future.

We will publish more updates about Abra Perx later in 2022.

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About 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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