We’ve been making changes under the hood to bring new features and cryptocurrencies to the Abra app – like faster transactions and more than 60 new cryptos.
Over the next few weeks, Abra will be transitioning all assets available in the Abra App to a hosted environment provided by a qualified custodian. Most crypto assets available on Abra are already hosted, but now we will also include previously non-custodial assets BTC, LTC, BCH and ETH.
The hosted model allows us to enable new and exciting features that weren’t possible before. At first, the main change will be faster confirmation of trades. Over time, you’ll see us launching new investing features and improving the user experience while continuing to grow the number of crypto assets available to trade.
To complete this change, we are now starting to move any user balances held in BTC, BCH, ETH and LTC to the hosted environment.
Please note that with this transition your existing BTC, LTC, BCH and ETH deposit addresses would be updated. We strongly recommend you to always check inside the app for the latest deposit address to use when depositing crypto. If you deposit funds to an older address, they may be lost permanently.
Be on the lookout for the series of great upgrades coming to your Abra app in the next few weeks!
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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