Seven flaws in the financial system

No doubt, the challenges facing the global financial system are real. If you lived through 2008, you know this. Or, today, if you live in emerging economies that still lack access to affordable and efficient financial services you know this.

But the systemic problems of global finance are often so complex that they often get lumped into one massive category, which is not always helpful for understanding.

Since we are set on building the future of finance — and we believe that building on Bitcoin is the best way to get there — we thought we would take a deeper dive into the challenges of the current financial system. We also want to look ahead toward a more decentralized alternative, which will ultimately open access, create innovative new services, and generally level the playing field.

To that end, over the next several weeks we will be working with Visual Capitalist to develop a series of data-driven infographics that look at some of the failure points of the current financial system, and how new technologies (like Bitcoin) offer much needed solutions.

This is the first of that series:

Courtesy of: Visual Capitalist

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.