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 earn 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 earn interest in over 100 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 earn 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.