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Abra announces support for 20 cryptocurrencies and 50 fiat currencies


Digital wallet startup Abra has announced its support for 20 cryptocurrencies and 50 fiat currencies as it rolls out the new version of the Abra app.






According to the official release, the app is available to all users globally with an initial 13 cryptocurrencies, which include: 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). In the coming days, it will add support for seven more cryptocurrencies, including Bitcoin Gold (BTG), Stellar Lumens (XLM), DigiByte (DGB), Augur (REP), Status (SNT), Stratis (STRAT), and 0x (ZRX).

"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. For the first time in the world, users can transact in and out of fiat or cryptos almost instantly," said Bill Barhydt, founder and CEO of Abra.

Users would now be able to exchange across any currency with no deposit or exchange transaction fees, at any time with no limitations. In order 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.

“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,” Abra explained. “Additionally, consumers in any country can now invest in any asset class regardless of where the asset originated. This model can be extended to stocks, bonds, commodities and more with no changes to the existing Abra app. Finally, Abra can be used to send money in addition to investing, allowing Abra to become a crypto bank.”

Founded in 2014, Abra is a bitcoin-based digital wallet app which allows users to easily buy, sell, send, and store Bitcoin. It has raised $16 million in Series B round last year, which brought the total funding to over $35 million.

Source: Econotimes


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