Americans Can Now Move Their Money Into Bitcoin From Thousands of US Banks

Americans Can Now Move Their Money Into Bitcoin From Thousands of US Banks

Earlier this year, Abra launched its non-custodial Bitcoin-backed global investment app to democratize investing in stocks, bonds, EFTs, and cryptocurrencies. Now its stepping up a gear, making it easier for users to move money to and from their banks to crypto.


Abra Is Bringing More Fiat On-Ramp

Abras latest Plaid integration makes the app infinitely more useful to a wider net of people. Having a great investment app is one thing. Not being able to cash in on your investments because your bank doesnt allow it is quite another.

So now, Abra is now providing support for thousands of U.S. banks and credit unions. This means that users will be able to move their money into crypto more easily, thus bringing more fiat on-ramp.

Abra CEO Bill Barhydt tweeted:

He also said in a media release:

The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat. Were particularly excited about our partnership with Plaid, which brings thousands of additional financial institutions into the Abra ecosystem for U.S. customers.


More Options to Connect Bank Accounts

Abra users could already fund their accounts through a traditional bank transfer. However, Plaid integration means that the number of contributing partners has gone from dozens to thousands. Paul Williamson, Head of Sales at Plaid, stated:

Consumers need to be able to invest their money wherever they choose, regardless of where they bank.


Non-Custodial Accounts Prevents Hacks Like Binance

The Abra app has been generally well-received. With a low barrier to entry, investors can start with just $5 so that investing in stocks and bonds is within the reach of (just about) anyone.


CEO Bill Barhydt enthused at the time:

For the first time, we can truly democratize access to investment opportunities at global scale.

In the same way that users can own a fraction of a bitcoin (satoshis), they can also own a fraction of a stock, bond, or ETF.

Moreover, at a time when cryptocurrency hacks are being thrust front and center, non-custodial accounts make a lot of sense. They also allow this Sanfransisco-based investment app to wiggle around a lot of regulation by not holding users funds.

A non-custodial wallet requires users to take responsibility for their own funds. With Abra, for example, they have to document and safeguard a private key. This is the only way they can access their blockchain-based assets.

This makes their funds safe from opportunistic hackers. But it also places a lot of responsibility on the user. If they happen to lose their recovery phrase, for example, they can never again gain access to their funds. And thats a frightening prospect for many people.


The Takeaway

Investment apps like Abra could help take cryptocurrency to the mainstream. They make investing in cryptocurrency, stocks, and bonds simple and fractional. And now they allow U.S. and EU users the chance to get in the game even easier.

However, as with many things in this space, theres still some way to go until everyone is convinced. Being your own bank is a scary concept. To anyone who frequently loses their car keys, the thought of permanently losing access to their wealth is terrifying.

More education is needed until the user experience can be improved. And that may continue to be Abras main barrier to mass adoption.

Will Abras platform help onboard many new Bitcoin users? Share your thoughts below!

Images via Shutterstock

The post Americans Can Now Move Their Money Into Bitcoin From Thousands of US Banks appeared first on Bitcoinist.com.

10.05.2019 / 02:30 13
Buy Traditional Assets with Cryptocurrency: Abra Supporting Ripples XRP Buy Traditional Assets with
Ethereums present rival XRP has expanded its reach towards global adoption as Abra the famous cryptocurrency investing path and wallet highlighted
Abra Adds Stocks and ETF Investing to Its Cryptocurrency Exchange App Abra Adds Stocks and ETF Investing to
Abra has decided to add access to collateralized equities investing. This means that users of the exchange and wallet app in 155 countries will be
Abras Non-Custodial Bitcoin Backed Global Investment App is a World First Abras Non-Custodial Bitcoin Backed
San Francisco-based Abra just made cryptos more accessible with their global investment app. Lowering the Barrier for Investors One of the greatest
Abra App Launches Support for Bitcoin Cash Deposits and Withdrawals Abra App Launches Support for Bitcoin
Users of the cryptocurrency exchange and wallet app Abra can now make deposits and withdrawals to their accounts with bitcoin cash (BCH). Bill
Bitcoin Purchase with Credit/Debit Cards on Abra Bitcoin Purchase with Credit/Debit
Image courtesy of AbraAbra, the multicoin cryptocurrency wallet platform has launched a new feature that allows users to purchase Bitcoin using their
Abra Mobile App Adds 20 New Cryptocurrencies and Stablecoin Technology Abra Mobile App Adds 20 New
The peer-to-peer mobile payment service, Abra announced the integration of 20 new cryptocurrencies and 50 fiat currencies into the firms app with
Comments (0)
Add a comment
Comment on