At Abra, we believe cryptocurrencies are the future of money. Money that is not bound by the whims of any government or bound by borders but fully embraces the Internet. Money that represents an opportunity for everyone, anywhere in the world to have a shot at their own financial freedom.
Today, tens of millions of people already believe in this crypto revolution ignited by Bitcoin, so much so that they hold hundreds of billions of dollars in aggregate of their financial net worth in cryptocurrencies such as Bitcoin, Ethereum and now stablecoins such as Tether, USDC, Dai and Paxos. However, traditional financial services companies have not yet embraced cryptocurrencies as yield generating instruments. Abra has decided to do the work for them and build the ultimate crypto bank.
Starting today, we are launching a new building block for this global crypto bank – Abra Interest Account. The Abra Interest account offers an opportunity for anyone in over 150 countries to generate up to 9% interest on their crypto and US dollar stablecoins.
We believe cryptocurrencies and their underlying technologies such as smart contracts and programmability can create an equal opportunity for anyone, anywhere in the world to participate in the global financial markets.
With this launch, Abra is now able to offer a simple unified experience for crypto investors to grow their holdings alongside the ability to buy, sell, trade, and generate interest in over 75 cryptocurrencies all-in-one simple and trusted app.
Getting started is easy. Simply fund the Abra App using bank or wire transfers, credit cards, or other crypto wallets. Once funds have been added, you can use the funds for trading or transfer them to an Abra Interest Account where they can generate up to 9% interest with daily compounding simply by holding your assets with Abra*.
The Abra Interest account offers daily compound interest on consumer balances. The assets held by consumers are matched with the liquidity demand from the institutional borrowers to calculate the interest rate paid to the users. The interest rate is adjusted periodically based on the demand for the asset under consideration.
At Abra, we are on a mission to create a new bank for this new money. The bank that does not need any bailouts. The bank that knows no boundaries and is equally accessible to everyone around the world. The bank that is designed not to serve the bankers, but you.
We are excited about this new journey toward simplifying the mainstream adoption of cryptocurrencies. The journey that is just getting started. We’re fully committed to this journey and are incredibly excited about the building blocks that we plan to bring you over the coming months.
Peace and Love
*Disclaimer: Abra Interest Accounts are issued by Prime Trust a Nevada Chartered Trust Company. Rates for Abra Interest Accounts are subject to change. Digital currencies are not legal tender, are not backed by any government, and Abra Interest Accounts are not subject to FDIC or SIPC insurance protections.
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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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