As a way to help kick-off our new Crypto Bites video series, Abra founder and CEO Bill Barhydt explains what Abra is and how people are using it — all in under one minute.
Here’s how Abra works in five steps:
- Get the app for iPhone or Android mobile platforms from the Apple App store or the Google Play store.
- Deposit fiat currency into the app using a number of different methods (and more on the way soon…) including American Express credit card, Visa and Mastercard credit and debit cards, bank deposits, and wire transfers.
- Use that money to buy 25 cryptocurrencies (the list is growing) on the Abra platform.
- Hold those investments in Abra’s non-custodial wallet, or convert them back to fiat and transfer the value back to a bank.
- Send and receive bitcoin and litecoin (the ability to send and receive other cryptos from Abra is in the works) directly from the app to other crypto wallets.
Abra’s goal is to make cryptocurrency investing simple and secure.
What makes Abra different than other cryptocurrency exchanges and wallets is the underlying technology. The backend of the app uses a blockchain-based synthetic asset model, which means that Abra users can move investments between assets (both crypto assets and 50 fiat currencies) quickly.
This model of using cryptocurrency infrastructure to make investing in crypto assets simple and secure is based on the idea of crypto-backed stablecoins.
Check out this post on stablecoins to learn more about how they work and how Abra is using the technology to create crypto-backed synthetic assets.
Looking for more Crypto Bites? Here’s another video in the series, which is a chat with DigiByte founder Jared Tate. You can also get notified when we publish a new video by subscribing to our YouTube channel.
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