Investing, News

Welcoming EOS and Siacoin

We have more great news! Starting today Abra users will find EOS (EOS) and Siacoin (SC) available to buy, sell, and hold in all Abra wallets.

The addition of EOS and Siacoin brings a total of  30 cryptocurrencies available on Abra. Not to mention the 50 fiat currencies available, and the one and only BIT10 crypto index.

Let’s meet the new coins.

What is EOS?

EOS is the native token of EOSIO network, which is a blockchain that is being built to act as a decentralized operating system.

What that means is EOS is creating a set of tools and systems that will allow developers to build unique and customized decentralized applications.

So far, EOS is best known for their massive crowdfunding round, which lasted for a year, raised more than $4 billion, and set records in the crypto space. The capital raise gave the EOS team a lot of resources to build with, and also gives them a massive crypto market cap (currently number 7).

The EOS whitepaper came out in 2017 and outlines next-generation smart contract technology. Particularly noteworthy is the fact that goals of the EOS network are to remove fees from blockchain transactions and to build a blockchain that can scale to handle thousands of transactions per second.

While both of those features would help propel blockchain to the next level of growth and adoption, some critics and commentators wonder if those features come at the cost of centralization. EOS currently uses a unique and controversial method of achieving the consensus needed to operate a permissionless blockchain.

What is Siacoin?

Siacoin is the native token of the Sia network. Sia’s mission is to build decentralized cloud storage using blockchain technology. Siacoin has been around since 2015, so in crypto years, it’s older and more mature than other emerging crypto projects.

By building decentralized data storage, Sia is trying to connect people that have unused computing storage with people that need space. It’s a rental model (and the way their blockchain’s governance uses proof-of-storage as a mechanism is really interesting), and one that gives people more options, while disrupting the current model of data management and ownership while increasing privacy.

More about Abra’s synthetic currency

Both EOS and Siacoin are listed on Abra as synthetic currencies. Abra’s synthetic currency uses crypto-collateralized cryptoassets to securely and efficiently store and move value amongst different assets.

The underlying synthetic currency also allows Abra’s non-custodial wallet setup and provides a platform for future financial innovation.

 


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, 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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