Imagine a single application for a cryptocurrency wallet and exchange that supports 70 currencies; one that also allows its users to buy, sell and hold currencies anywhere in the world without transaction fees. The good news is that such a product now exists.
On Thursday, Abra announced the launch of a new mobile app that also includes a real-time trading service across 20 cryptocurrencies and 50 fiat currencies. Abra claims this to be the first all-in-one smartphone app with such unique capabilities.
Bill Barhydt, founder and CEO of Abra, commented:
“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."
The new Abra app will initially support 13 digital currencies, with the remaining seven to be made available soon.
The virtual coins to be supported are Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ether, Ethereum Classic, Golem, Litecoin, OmiseGO, Ripple, Qtum, Vertcoin, and Zcash. But in the coming days, Augur, Bitcoin Gold, DigiByte, Status, Stellar Lumens, Stratis, and 0x.
Industry players quickly welcomed Abra's new capabilities.
Vinny Lingham, a general partner at Multicoin, said that Abra has “repaired a fractured system” that has been frustrating users who want to increase their digital currency portfolios “by bringing together 20 cryptocurrencies onto one platform.”
Litecoin founder Charlie Lee added:
"I'm excited to see Abra has chosen to use the Litecoin network in the newest iteration of its app. Litecoin's unique combination of low fees, high throughput, and secure immutable transactions is a great fit for its use as programmable money.”
Abra explained that users could use Bitcoin, bank wires, ACH, and American Express-supported cards in the US to fund their wallets anywhere in the world. There is also no need to provide additional KYC information when depositing Bitcoin except phone number. However, US-based consumers who wire money or use their credit cards are required to provide information to Abra’s bank partners.
In addition, there are no transaction fees for using its platform to exchange between currencies. Abra will make profits on the exchange spread.
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