How Abra Works

Planning for BCH Hard Fork

Bitcoin Cash (BCH) will be undergoing a network protocol upgrade on November 15, 2020, at approximately 4:00 AM PT.

In connection to the protocol upgrade, there has been a proposed chain-split between the two main BCH clients, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN), making this a hard fork that may result in a chain split and additional token.

Abra will plan to support the chain with the most mining pool support as “Bitcoin Cash” with the BCH ticker.

We shall take the following steps in preparation for the BCH fork:

  • Abra will turn off deposit, withdrawal, and trading of BCH starting at 9:00 AM PT on 14 Nov 2020. This includes deposits and withdrawal of BCH in the Abra Interest Account.
  • A snapshot will be taken of user balances at the time of the fork – November 15 at approximately 4:00 AM PT.
  • The BCH wallet will remain closed until the hard fork is complete and it is deemed safe to open.

Please note that enabling deposit, withdrawal, and trading of BCH may take several days.

Abra currently plans to only support the chain with most mining pool support and customers may not be receiving the chain split tokens resulting from the hard fork

Additionally, Abra will not be able to recover incorrectly made cross-chain deposits under any circumstance due to the lack of replay protection.

Have questions? Please contact us at [email protected] and we will be glad to help.

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, 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.

Please visit our FAQ to learn more.