How Abra Works, News

Abra will support Flare Network hard fork and Spark (FLR) distribution to XRP holders.

We are excited to announce that Abra will be supporting the distribution of Flare’s native Spark (FLR) token. We also plan to list both FLR and FXRP for trading in the Abra app. 

What is the Flare Network?

The Flare Network is a new decentralized network that brings full smart contract functionality to the XRP ecosystem. This means that any existing Ethereum application can be deployed on Flare, including Decentralized Finance (DeFi).

FXRP allows XRP to be used trustlessly for the first time with full-fledged smart contracts. This brings a wealth of utility to the XRP ecosystem and allows XRP to be used with DeFi products.

For more information, see https://blog.flare.xyz.

How will Spark(FLR) be distributed?

Abra plans to distribute the Spark (FLR) token in Q2 2021. The number of tokens you receive will be based on your XRP balance in Abra as of Friday, Dec 11 at 3:50 PM PST. The actual number of tokens that you would receive will be known to Abra closer to the distribution date in Q2 2021.

When will I receive Spark(FLR)?

The distribution is currently planned for Q2 2021. Once we have more information, we will let Abra customers know the exact date when this distribution will happen.

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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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