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Abra Brings New App Features to Assist Crypto Trading and Redemptions
Traders Magazine Online News, May 20, 2019
Abra, a global investment app backed by the Bitcoin blockchain and smart contract technology, announced several enhancement features that make it easier to buy and sell crypto assets on the Abra app, including more options for U.S. users to connect their bank accounts through Plaid integration and native access to all 30 supported coins in the Abra app.
"With today’s announcement, Abra is taking yet another step closer to our vision of democratizing access to financial services for our hundreds of thousands of customers around the globe,” said Bill Barhydt, CEO, Abra. “The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat. We’re particularly excited about our partnership with Plaid, which brings thousands of additional financial institutions into the Abra ecosystem for US customers.”
Plaid integration gives US users more options to connect bank accounts
Abra users in the U.S. and E.U. can already fund their wallets via bank ACH transfer, but the new integration with Plaid increases the number of U.S. financial institutions available in-app for funding investments from dozens to thousands.
“Consumers need to be able to invest their money wherever they choose, regardless of where they bank. With increased funding sources available for connection, Abra broadens the investment options for people who bank with smaller institutions and expands access to the cryptocurrency ecosystem,” said Paul Williamson, Head of Sales at Plaid.
Expands withdrawal support for all 30 cryptocurrencies
Adding to Abra’s current deposit and withdrawal support of Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH), the company announced native withdrawal support capabilities for the rest of its 26 cryptocurrencies listed in the app. See a full list of Abra’s supported cryptocurrencies here.
“We’ve listened to user feedback and are committed to bringing withdrawal and deposit support for all of the supported cryptocurrencies in our app. We’re starting with withdrawal support today, but will be adding deposit support in the near future,” said Willie Wang, Abra’s VP of product.
Unlike centralized crypto exchanges or wallets that operate akin to traditional banks, Abra is a non-custodial platform, meaning the company does not collect, store, or have access to users’ funds. Instead, the funds are stored in the Abra wallet which is held privately on each user’s phone, making transactions more secure and private than centralized databases used by most crypto exchanges and wallets. With the addition of Abra’s expanded crypto withdrawal capabilities, users will now have even more options for storage, including hardware wallets and other secure cold storage methods.
About Abra
Abra is the world’s first global investment app. Unlike other investment apps, cryptocurrency exchanges or wallets, Abra’s non-custodial model is backed by the Bitcoin blockchain using smart-contract technology, which means it’s secure, private and gives users full control of their money. The company empowers consumers to invest in 30 crypto assets, and 50 fiat currencies all within a single, easy-to-use app. Abra users can also quickly exchange multiple crypto or fiat currencies and instantly transfer currencies to other Abra users. Founded in 2014 and headquartered in San Francisco, Abra is available in over 155 countries. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, Silver 8 Capital and many others. For more information, visit https://www.abra.com/
About Plaid
Plaid is a data network powering the fintech tools that millions of consumers have come to rely on to live healthier financial lives. Thousands of digital financial services like Acorns, Betterment, and Venmo, use Plaid to make it easy for their customers to connect to their bank and investment accounts, regardless of where they bank. The company is headquartered in San Francisco, CA.
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