Fixing finance: How the technology powering Abra opens access to the world’s markets
Daniel McGlynn - Friday, May 24th, 2019
Now that crypto winter seems to be in full thaw, and the crypto headlines have turned to all-out-rally cries, it’s a good time to underscore some of the big picture crypto themes, and where Abra fits in.
For many of the inbound crowd — to all the new crypto investors we welcome — crypto represents a once in a generation opportunity to invest in something that will change the world.
But, when crypto prices are growing by double-digit percentage points a day, it’s easy to forget some of the major underpinnings of these innovative technologies.
It turns out that cryptocurrencies offer a real solution to a few major problems. To name just a few:
Open: cryptocurrencies allow anyone to participate. It doesn’t matter where you live, what kind of job you have, if you have a bank account, or if you are considered an accredited investor. Instead of all those criteria, crypto, for the first time, enables anyone with an interest and access to the internet the opportunity to participate in new forms of digitally-driven economic activity.
Security: Cryptocurrencies will make it safer and more secure to transact on the internet without a trusted third party.
Store of value: Cryptocurrencies are also creating a digital store of value that will rival traditional systems, which are based on precious metals and fiat reserve currencies.
Programmable money: Crypto is creating the infrastructure needed for the future of finance through innovative smart contract platforms.
Accessible: One of the biggest problems that cryptocurrencies solve is the ability to build blockchain-based infrastructure that is open and accessible to all. Ever since the early days of money, when kings and rulers used to print their faces on gold and silver to prove authenticity, money has been a concept based on permission and proximity.
Abra is using the programmable money features of the Bitcoin blockchain to create products that allow anyone in the world to get investment exposure to some of the world’s most dynamic and valuable markets.
The goal is to leverage the potential of blockchain and cryptocurrencies to create a single, easy-to-use financial app that provides open access to a large spectrum of investing opportunities.
Visualizing the future of finance
To better articulate some of the problems that Abra’s technology is solving we partnered with Visual Capitalist over the past several months to produce data-driven infographics. These graphics provide a high-level overview outlining some of the issues facing the current financial system and explain how the emergence of blockchain-based decentralized finance offers solutions.
Here’s a graphic look at the traditional financial system and the emerging decentralized alternatives:
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.