Reduced credit card fees
Summertime is a great time to kick back and relax. It’s also a great time to be stacking sats.
In that spirit, we are announcing reduced fees for credit card buys of cryptocurrencies on Abra. This promotion, which is done with our credit card partner Simplex, will reduce the credit card fees for cryptocurrency purchases from 5 percent to 4 percent through the end of August.
Tolls on the road to mass adoption
One of the biggest obstacles to crypto mass adoption is the challenge of moving money between cryptocurrency systems and traditional banking systems. As a global investment app with users in 150 countries, we hear stories all the time about the friction involved with moving money back and forth.
Check out the latest Abra Money 3.0 Show where Abra founder and CEO Bill Barhydt sits down with Simplex co-founder and CEO Nimrod Lehavi.
It shouldn’t be this hard, but it is. One of the reasons for the difficulty is that there is a substantial fraud risk when purchasing crypto by traditional non-cash means. It’s this inherent complexity and risk that drives credit card companies to restrict credit to cryptocurrency transactions or make them so expensive that it becomes unattractive to mainstream fiat users.
That’s the problem that Simplex is trying to solve. Licensed as a financial institution in the European Union, Simplex has built an artificial intelligence to do advance fraud detection on credit card to crypto transactions.
For a limited time
Simplex has been a longtime partner and this temporary credit card-to-crypto fee reduction is in part to help celebrate our recent launch of the stock and ETF investing right from the Abra app for non-US users.
“We fully support Abra’s mission of global financial access with its recent launch of stock and ETF investing capabilities,” said Nimrod Lehavi, co-founder and CEO of Simplex. “We’re excited to offer this promotion to help more investors access this revolutionary new product.”