Education

In focus: Monero

Since launching the new iteration of our app back in March, we’ve seen growing interest and support in the 25 altcoins on our platform. Monero (XMR) is one of the coins we recently added that we’re particularly excited about. For the uninitiated, Monero (XMR) was designed with user protection and privacy at its core. Against the backdrop of the almost daily news and headlines about massive hacks and data breaches that expose personal information, the idea of building privacy controls into the foundational levels of new cryptocurrencies — like Monero does — is attractive to many users. The increased liquidity and awareness for Monero that the Abra service will generate is really an exciting development for the Monero community,” says Riccardo Spagni, a lead developer with Monero’s Core Team. Launched in 2014, Monero was an open source project by an anonymous founder. Similar to bitcoin, there was no initial coin offering, heavy investment by venture capital, or major marketing campaigns. Instead, Monero was and continues to be supported by a loyal following of developers and users, growing organically to consistently occupy a spot near the top ten of all cryptocurrencies by market cap. Monero’s privacy features are enabled by the way that transactions are recorded on its blockchain. Rather than signing transactions with a private key and a public key, Monero’s transactions are signed with ring signatures, which is a cryptography-based computational tool that combines a group of signatures together (one of which is the actual signature) in order to complete the transaction. The signatures that are added to the group can be used again in other groups, creating a cloak of sorts. Monero also employs stealth signatures, which are addresses that are used once, kind of like how a burner cell phone might be used and disposed of to create an untraceable call and Ring Confidential Transactions, which obscure the transaction amount so that no outside party knows how much Monero was sent in any specific transaction. Abra’s user-friendly interface will offer incredible exposure to Monero to help bring the privacy-conscious coin to the general public. Like the Monero community, we believe that privacy isn’t just a useful feature, it’s critical to enabling the creation of new, decentralized financial systems.

 

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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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