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.”
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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.
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