The Abra smartphone app is a non-custodial Bitcoin wallet that allows you to see the value of your funds in any world currency you choose. Sending money from one consumer to another is accomplished peer to peer via the Bitcoin blockchain. Abra has no access (ever) to the private keys that reference your funds. The Abra model is 100% peer to peer, with no middle man ever holding, managing or touching your funds at any point in any transaction.
How it Works
Funds Abra wallet using bank account or uses the Abra app to find a Teller who can sell her Bitcoin in person. Sender can then send funds to her recipient(s).
Receives funds from the Sender. With the Bitcoin now on Abra wallet, he can then send funds on to someone else, purchase goods from an online store that accepts Abra as a payment method, withdraw to his bank account, or use the Abra app to find a Teller near him to exchange his Bitcoin for paper cash.
Tellers facilitate the buying and selling of Bitcoin for cash-based consumers. They can either be regulated digital currency exchanges, or retailers who facilitate the buying and selling of Bitcoin. Tellers may operate as licensed money service businesses, or as individual agents of money service businesses where such licensing is required.
All of the transactions you make through the Abra app are recorded on the Bitcoin blockchain, which serves as a ledger for all Bitcoin transactions. Anytime you buy, sell, send or receive digital currency using the Abra app, these transactions are validated by the Bitcoin blockchain.
Consumers use the Abra app to find a Teller near them and to send and receive digital currency for peer to peer transfers of funds.