Bitcoin Startup Abra Adds Support For 20 Cryptocurrencies
Mobile cryptocurrency wallet Abra has added support for 20 cryptocurrencies and 50 fiat currencies in a new version of its mobile app.
Founded in 2014 by Bill Barhydt, Abra offers a crypto to crypto exchange and digital wallet in one place. It empowers consumers to buy, store, invest and hold cryptocurrencies and fiat currencies on a single app.
The company said the latest version of its mobile app now includes support for a total of 70 currencies as a real-time exchange service across all currency pairs. The company claims it is the “only all-in-one smartphone app in the world with these capabilities.”
The new Abra app will be available to all users globally with an initial 13 cryptocurrencies. The remaining 7 cryptocurrencies will be available to all Abra users in the coming days. The initial list of cryptocurrencies to be supported includes: bitcoin, ether, Litecoin, Ripple, Bitcoin Cash, Ethereum Classic, Dash, Zcash, Dogecoin, Golem, OmiseGO, Qtum, and Vertcoin. In the coming days Abra will add support for: Stellar Lumens, Bitcoin Gold, DigiByte, Augur, Status, Stratis, and 0x.
To develop the new wallet and integrated exchange, Abra built a platform using price-stabilized crypto tokens, called stablecoins, that facilitates holding both fiat coins as well as cryptocurrencies through a combination of Litecoin and bitcoin based smart contracts. This unique multi-sig smart contract based investment platform uses P2SH scripts on the Litecoin and bitcoin blockchains that simulate investment contracts the way a gold ETF is a contract based on USD. Abra acts as the counter-party (i.e. the other signatory) to the P2SH scripts, enabling the company to now run a market making operation that hedges away its counter-party risk on these scripts.
Consumers can fund their wallet globally with bitcoin, via bank wires or ACH as well as supported American Express cards in the United States. Users depositing bitcoin do not have to provide any additional know your customer (KYC) details outside of their phone number. Users in the US wiring money or using their credit card will have to provide the requisite bank and KYC details to Abra’s bank partners.
The app, however, is not a full-fledged cryptocurrency exchange. The only cryptocurrency that can be deposited and withdrawn from the app is bitcoin, and the only fiat currencies with this support are the US Dollar and Philippine Peso. Abra said it will be adding native support for Litecoin and ether deposits in the coming weeks.
“Our goal is to empower customers around the world, using their local currencies to freely invest in a wide variety of cryptocurrencies at any time, from anywhere without the restrictions of banks and fees,” said Bill Barhydt, founder and CEO of Abra. “For the first time in the world, users can transact in and out of fiat or cryptos almost instantly.”
“By bringing 20 cryptocurrencies onto one platform, Abra has repaired a fractured system that has frustrated users who want to expand their crypto portfolios,” said Vinny Lingham, co-founder and CEO of Civic and General Partner at Multicoin. “Abra has unified the processes and transactions onto one app, creating a seamless user experience that the crypto community has long been asking for.”
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