Bitcoin Gold [BTG], Stellar Lumens [XLM], DigiByte [DGB], Augur [REP], Status [SNT], Stratis [STRAT] and 0x [ZRX] will now be available on the Abra app in addition to Bitcoin [BTC], Bitcoin Cash [BCH], Dash [DASH], Dogecoin [DOGE], Ethereum [ETH], Ethereum Classic [ETC], Golem [GNT], Litecoin [LTC], OmiseGO [OMG], Qtum [QTUM], Ripple [XRP], Vertcoin [VTC] and Zcash [ZEC].
“Since launching the new version of our app in March, we’ve seen a tremendous amount of interest and support for the cryptocurrencies we added to our platform,” said Bill Barhydt, founder and CEO of Abra. “Just in the last 2 weeks, users in over 70 countries have transacted on the Abra app with Bitcoin, Ether, Ripple, Litecoin and OmiseGO leading the way in transaction volume.”
How Abra works: Consumers can add money to their wallets using a US bank account, a supported American Express card or using bitcoin purchased outside Abra from anywhere in the world. They can then invest in any of the 20 cryptocurrencies and 50 fiat currencies offered on the Abra app, quickly, easily and safely. To develop the new wallet and integrated exchange, Abra built a first-of-its-kind 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, and the company runs a market making operation that hedges away its counterparty risk on these contracts.
Through the use of its stablecoin platform, Abra can quickly add additional cryptocurrencies to the app once they pass the platform’s rigid analysis around liquidity, contract market making and other factors. Additionally, consumers in any country will eventually be able to invest in other asset classes regardless of where the asset originated. This model can be extended to stocks, bonds, commodities and more with minimal to no changes to the existing Abra app. Finally, Abra can be used today to send money to any other Abra user or to any bitcoin wallet in addition to investing, allowing Abra to become a crypto bank.
“Our goal is to be a simple app for retail investors to get exposure to assets that are difficult to access,” continued Barhydt. “Ultimately, in addition to the top 20 cryptocurrencies and 50 fiats, we want to open up our platform to different asset classes including stocks, commodities and more. Our vision is to build a non-custodial cryptocurrency bank that democratizes access to financial services for every consumer on the planet.”
Abra is the first and only all-in-one global app offering a true crypto to crypto exchange and digital wallet in one place – making cryptocurrency investing simple. Abra empowers consumers to buy, store, invest and hold 20 cryptocurrencies and 50 fiat currencies on a single app. Exchanges between multiple cryptocurrencies or fiat are quick, easy, and safe. Plus, with the Abra app, consumers can manage all crypto investments in one screen. Abra was founded in 2014 by Bill Barhydt, a veteran in the cryptocurrency space and an early Netscape employee. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, Silver8 Capital and others.
Jed McCaleb, founder of Stellar and co-founder of Ripple: “I’ve always been a huge fan of Abra. Their focus on financial inclusion is totally aligned with Stellar. We are excited about their support of Stellar and the increased liquidity they will bring to our user base.”
Jeremy Gardner, co-founder of the Augur Project and Managing Partner at Ausum Ventures: “Augur’s REP token is essential to maintaining the accuracy of the world’s first truly decentralized oracle. Abra’s integration will soon make becoming a REP reporter on Augur easier than ever.”
Will Warren, co-founder and CEO 0x: “We are excited to see that Abra has chosen to support 0x protocol’s native token, ZRX, in the most recent iteration of the app. As an open technical standard for decentralized exchanges, we believe 0x protocol will bring us closer to a world in which all forms of value are tokenized and globally accessible, bringing about more innovation, efficiency and equality of opportunity.”
Jared Tate, founder and creator of DigiByte: “Abra’s support of DigiByte means that millions of consumers will have access to invest in one of the most secure, scalable and widely adopted cryptocurrencies in the world. We’re excited that Abra has chosen to include DigiByte in their platform and look forward to working with them to increase consumer adoption of DigiByte in the future.”
Chris Trew, CEO & Founder Stratis Platform: “Stratis is bringing blockchain applications to the enterprise. Our unique blockchain as a service platform relies on the Stratis token to provide liquidity to the network. Abra’s support of the Stratis token should dramatically improve awareness and availability for retail investors who want to participate in our network.”
Marcy Simon for Abra
Agent of Change
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