- Abra Interest Account – Generate 9% on US DOLLAR DEPOSITS and 4% on BITCOIN AND ETHEREUM!!
- Bitcoin, Ethereum and Altcoins on the move!
- Tweet of the Week
This week on Money Talks, Friday at 9 AM PDT (noon EDT)
On this week’s episode of Money Talks: We’ll provide an update on the crypto markets and give more details on the Abra Interest Account product. As always, we answer all your burning Abra questions! Note you may want to update or install your Abra app before the show starts to get a head start on the demos we’ll be doing!
Join us Friday at 9 AM PDT: https://youtu.be/utsLK1zY_vI
I had the pleasure of being a guest on Pomp’s podcast today. You can listen here on Apple, here on Spotify or watch above on Youtube. I enjoyed this far reaching conversation which included macroeconomics, the federal reserve, bitcoin in corporate treasuries, and of course building a global crypto bank at Abra. Pomp is one of crypto’s best evangelists yet he always asks provocative and interesting questions.
If you don’t subscribe to Pomp’s newsletter and podcast you’re definitely missing out!
The Revolution Continues – Generate 9% on US Dollar Stablecoin Deposits, 4% on Crypto Deposits with Abra
The response to our recently launched Abra Interest Account has been awesome.
Have you started generating 9% on your USD deposits or 4% on your Bitcoin and Ethereum deposits? No? It’s so easy. Just start your Abra app and click on the Interest account tab to get started.
The Abra Interest Account is a breakthrough for investors. For the first time, investors can make US dollar or crypto deposits into an app and then automatically generate interest on those deposits of up to 9%.
Funds can be deposited via bank wire, ACH (US), cash at retail (where supported), transferred via external crypto wallets or transferred from an existing Abra trading balance.
We’ve had millions of dollars in both crypto and US dollars enter into Abra Interest Accounts already. Everyone loves getting their Monday morning push notifications that they have free cash or free crypto waiting for them in their Abra app.
So how does Abra Interest Account work? Abra Interest Accounts are accessible only from the Abra app on iPhone and Android. These are a new type of account inside the Abra app. We partnered with Prime Trust, a US Chartered Trust Bank based in Nevada, to issue these accounts. Once you register for the Abra Interest Account in the Abra app your personal details will be verified by Prime Trust. This can either be instant or can take a few hours depending on the details provided.
After being approved (you will receive a push message in your Abra app) you can deposit your US dollars, stablecoins, Bitcoin or Ethereum into the Abra Interest Account.
As you can see from the Abra app US dollar interest rates are 9% and Bitcoin/Ethereum rates are at 4%. We update the interest rates offered periodically. Rates are set similar to how a bank sets rates for cash deposits with the difference being that the rates we’re able to offer are much higher than that what a bank typically offers on US dollar deposits.
Introducing Abra Interest Account:
How is Abra able to offer a 9% interest rate on USD deposits when a bank can’t even offer 1%? The answer is Abra’s Institutional Lending Desk. Our lending desk, run by Young Cho, Abra’s Chief Investment Officer (CIO) and a veteran of the lending business, enters into lending relationships with borrowers throughout the crypto universe. As our volume of assets under management (or AUM) continues to grow we will continue to diversify our crypto investment portfolio in order to continually lower risk. All new potential institutional borrowers go through Abra’s investment committee process which reviews the borrowers and determines a risk profile that sets various parameters for terms including interest rates, collateral requirements, and other relevant terms. Ultimately our investment committee, including myself, must approve all new institutional borrowers.
We have big plans for growing Abra’s Institutional Lending Desk in the coming months in order to meet the exploding demand for crypto assets.
We also plan to add other cryptocurrencies to the Abra Interest Account in the coming weeks and months so stay tuned for that.
Why are we doing this? Our mission is to democratize access to financial services. We created Abra to have a single app where users can save, invest, send, trade and now generate interest. Abra is the only global app that makes it truly easy to do all of these things. We find it ridiculous that banks earn a huge income stream on your deposits but consumers effectively generate nothing. We’re going to change that. Abra is the app that we want for ourselves and that our users are telling us that they want.
Bitcoin, Ethereum and Altcoins on the Move
Another exciting month for Bitcoin and crypto. Bitcoin is up almost 25% during the past month. Ethereum is up over 63% during the same time. One altcoin tracking index is up a whopping 30% in the past ten days.
Bitcoin is now consolidating around the $11,500 mark which is usually a bullish sign after a run up that this move higher will soon continue. Ethereum also continues to ride the DeFi wave higher and is currently consolidating near $390 in what also could be preparation for another move higher. After $400 Ethereum has relatively clear skies to $500 and could act as a catalyst to pull the entire crypto market with it. Especially if this altcoin season continues.
Altcoins on Abra have seen some incredible gains over the past week. For the week MANA is up 60%, RADS is up 90%, WAVES is up 89% and over a dozen coins are up over 10%.
Tweet of the Week
My conversation with @billbarhydt is now on YouTube.
We discuss macroeconomics, the Federal Reserve, monetary policy, Bitcoin as a reserve asset in corporate treasuries, decentralization, and a number of new features that Abra has launched.
— Pomp 🌪 (@APompliano) August 13, 2020
Of course, I had to go with Pomp for this one. Be sure to follow Pomp and subscribe to his newsletter.
See you all Friday on the next Money Talks. The Revolution has begun!
Don’t forget to follow us on Youtube, Twitter and Facebook to stay updated with the latest from the crypto world.
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. Any opinions, news, research, analyses, prices, or other information provided here is a general market commentary and does not constitute investment advice. Abra does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Abra will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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.
Please visit our FAQ to learn more.