Abra Mobile App Adds 20 New Cryptocurrencies and ‘Stablecoin’ Technology
The peer-to-peer mobile payment service, Abra announced the integration of 20 new cryptocurrencies and 50 fiat currencies into the firm’s app with real-time exchange features. Today the company is rolling out 13 new digital assets and will release the remainder over the next week.
The Exponential Growth of Cryptocurrencies
Abra is a mobile platform that allows users to fund their accounts with BTC, bank wires, ACH transfers, and Amex cards. The company says in the next few weeks it will be adding litecoin and ether deposits as well. Today the company added 13 out of 20 new digital assets and the ability to swap between 50 different fiat currencies worldwide. The list of new currencies added includes litecoin, ripple, bitcoin cash, ethereum classic, dash, zcash, dogecoin, vertcoin, and more.
“With the exponential growth of cryptocurrencies and their increasing importance in today’s culture, the Abra app offers a timely mobile experience that provides more access and exposure to these new digital currencies in an easy, quick and safe way,” explains Bill Barhydt, founder and CEO of Abra during the announcement.
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.
Abra notes that the platform’s users don’t have to be verified with extensive KYC background checks as all that’s required is a users phone number. The cryptocurrencies are “held directly on the user’s phone, allowing them access to their coins at any time,” says Abra. In addition to the crypto-based assets, Abra users who might want to avoid volatility can swap into 50 fiat currencies utilizing a technology developed by the firm called “stablecoin.” The stablecoin protocol allows the creation of synthetic digital assets based on LTC and BTC by utilizing a multi-sig smart contract.
The Extension of More Cryptocurrencies and Possibly Stocks, Bonds, and Other Commodities
The General Partner at Multicoin, and the co-founder of Civic, Vinny Lingham, is pleased with the Abra development team’s efforts.
“By bringing 20 cryptocurrencies onto one platform, Abra has repaired a fractured system that has frustrated users who want to expand their crypto portfolios,” Lingham emphasized.
Abra also says that in the future it plans to add more types of investment vehicles and a slew of other cryptocurrencies. “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,” the company adds.
What do you think about Abra adding 20 new cryptocurrencies to the mobile platform? Let us know in the comments below.
Images via Shutterstock, and Abra.