Today we are adding another arrow to the Abra crypto quiver by expanding Ethereum (ETH) support.
Now Abra users can hold, sell, and buy Ethereum directly from their wallet.
In the past, Ethereum was available on Abra as a synthetic asset, which means that Abra users got exposure to the price movements of Ethereum’s currency, ether. This latest level of support also adds the ability for Abra users to directly deposit and withdraw ether to any other crypto wallet.
By adding native Ethereum support, Abra users will now be able to easily buy Ethereum or move ether from other wallets to the app.
This opens up the potential to use Ethereum as an on-ramp to invest in the other assets listed on Abra including, 50 fiat currencies, 30 cryptocurrencies, and the BIT10 crypto index.
Giving away ETH
Interested in trying Abra? If you download the app and perform a first-time cash-in from a US-based bank, then you can get $25 in free ether.
What is Ethereum, and why does this matter?
Ethereum was launched in 2015 as the Ethereum Virtual Machine. The goal of Ethereum’s blockchain is to build a platform that makes it easier for developers to create and deploy decentralized applications.
Ethereum as an infrastructure layer, or a base protocol, created a system for writing and executing smart contracts (which are essentially programmable rules that executed when certain conditions are met). The smart contracts, in turn, enable the creation of decentralized applications.
Ethereum’s platform provides the foundation for other projects to launch tokens without having to rebuild a blockchain from scratch. Instead, using standards developed by the Ethereum community, like ERC20, projects such as Augur, Golem, OmiseGo (all of which are also listed on Abra) are able to use Ethereum as a foundation and then build their own economies and communities.
The popularity and ease of use of Ethereum’s platform to launch other projects led to a boom in the creation of new tokens, especially during the last 18 months. Known as initial coin offerings (ICOs), projects have been able to build their idea on Ethereum (or at least pitch their idea that is made possible by Ethereum) and raise money through a token sale.
One other noteworthy aspect of Ethereum is that it is known for its strong and rapidly growing developer community. These developers are building all kinds of projects ranging from media and gaming companies to ways to protect digital identity and property to futures markets and decentralized exchanges.
In the few years since its launch, Ethereum has grown to be the second largest cryptocurrency by market cap. Currently, 103 million ether are in circulation. The price of ether hit an all-time high of $1,448.18 in early 2018 following the crypto market’s bull run of 2017.
Now that Abra has enabled native Ethereum support it will be a much more streamlined process to add more ERC20 tokens in the near future, so stay tuned.
Five reasons to use an Abra wallet to buy Ethereum
Unlike other investment apps, cryptocurrency exchanges or wallets, Abra is super simple to use, and has loads of unique features:
- Simple and accessible: Abra is available in 155 countries around the globe. All that’s required to set up a unique and secure wallet is an iPhone or Android phone. Abra is an ideal wallet for developers building on Ethereum or Bitcoin as it’s incredibly accessible to the average consumer.
- Decentralized: Abra is based on a non-custodial architecture meaning Abra doesn’t control or have access to users’ funds. Instead, they are secured on the blockchain and accessible only by a user’s unique recovery phrase.
- Crypto-backed: The tech underlying Abra also makes it unique and globally accessible. Most of the assets available to invest via the app are synthetic assets, which are made possible by Abra’s creation of crypto-collateralized contracts (C3). This functionality takes advantage of the programmable aspects of Bitcoin, and makes the underlying investment as secure as the blockchain, and easily tradeable.
- Liquidity: Sending money (in crypto or fiat formats) to another Abra user is super simple. The best part is that you can send one kind of asset and they can receive it as another kind (like send bitcoin and receive euros), across the room, across borders, or across the planet. Abra also makes depositing funds either via bank wire, card or external crypto wallet as easy as a couple of clicks.
- Powerful portfolio: Abra supports over 30 cryptocurrencies and 50 fiat currencies. Additionally, Abra users can gain exposure to the price movements of Ethereum by investing in the BIT10, the world’s first easily accessible crypto index. The index tracks weighted percentages of the top ten cryptocurrencies by market cap. Ethereum, because of its position in the overall cryptocurrency market cap, has historically held a large position by weight in the BIT10 index.