The ultimate goal for Bitcoiners has been “mainstream” or “mass” adoption of bitcoin: we want everyone using bitcoin on a daily basis whether they know it or not, where bitcoin is as ubiquitous and invisible as the internet itself. The gap between where the technology is today and where it needs to be to achieve this goal is still wide, but with the Abra mobile wallet we’re hoping to help incrementally close the gap as more people begin to use Abra for p2p mobile payments.
Bitcoiners can now send bitcoin to pay people without having to explain bitcoin: just ask the recipient to send a payment request using the Abra wallet, and the conversion from bitcoin to fiat will happen on-the-fly. After the transaction is sent, the money will show up in the recipient’s wallet as their local currency. They won’t even know the sender sent them bitcoin. Recipients can then cash out their wallet balance to their bank account in any of our supported countries or find an Abra Teller nearby if they need or prefer to withdraw physical cash.
This is what bitcoin for the mainstream looks like: friendly, familiar, convenient.
The transaction works the same in the reverse: if a recipient needs or prefers to receive a payment in bitcoin, but the sender prefers to deal in fiat currency, the sender can add money to their Abra wallet using their bank account or a local Abra Teller and then send their fiat currency directly to the recipient’s bitcoin address, even if the recipient does not have an Abra wallet.
Want to get your friends and family to use bitcoin without them even knowing it? If they are located in a country where we have bank integrations, or a city with Abra Tellers, ask them to try Abra next time you need to send money to them and let us know how it goes!
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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