Abra, a Bitcoin blockchain and smart contract-backed global app recently introduced several innovations to allow a more seamless buying and selling of crypto assets using the Abra app. The new features include added options for U.S. users to connect their bank accounts through Plaid integration and native access to all 30 supported coins.
Abra users in the U.S. and E.U. can already fund their wallets via bank ACH transfer, but the new integration with Plaid increases the number of U.S. financial institutions available in-app for funding investments from dozens to thousands.
“With today’s announcement, Abra is taking yet another step closer to our vision of democratizing access to financial services for our hundreds of thousands of customers around the globe,” said Bill Barhydt, CEO, Abra. “The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat. We’re particularly excited about our partnership with Plaid, which brings thousands of additional financial institutions into the Abra ecosystem for US customers.”
“Consumers need to be able to invest their money wherever they choose, regardless of where they bank. With increased funding sources available for connection, Abra broadens the investment options for people who bank with smaller institutions and expands access to the cryptocurrency ecosystem,” said Paul Williamson, Head of Sales at Plaid.
Adding to Abra’s current deposit and withdrawal support of Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH), the company announced native withdrawal support capabilities for the rest of its 26 cryptocurrencies listed in the app.
“We’ve listened to user feedback and are committed to bringing withdrawal and deposit support for all of the supported cryptocurrencies in our app. We’re starting with withdrawal support today, but will be adding deposit support in the near future,” said Willie Wang, Abra’s VP of product.
Unlike centralized crypto exchanges or wallets that operate akin to traditional banks, Abra is a non-custodial platform, meaning the company does not collect, store, or have access to users’ funds. Instead, the funds are stored in the Abra wallet which is held privately on each user’s phone, making transactions more secure and private than centralized databases used by most crypto exchanges and wallets. With the addition of Abra’s expanded crypto withdrawal capabilities, users will now have even more options for storage, including hardware wallets and other secure cold storage methods.