Abra Digital Wallet App: What Is It And What’s All The Fuss About It

abra digital wallet
abra digital wallet

Abra Digital Wallet App: What Is It And What’s All The Fuss About It

Abra gained a lot of popularity in the cryptocurrency industry in the recent months. Abra digital wallet mobile application is available for both iOS and Android mobile devices. Founded in 2014, Abra app is not the only one which has made headlines into crypto space, its founder Bill Barhydt captured a lot of attention for his prediction on bitcoin price rise and event discussions on crypto as well.

A former engineer in Goldman Sachs, Bill Barhydt launched Abra application in 2016. A virtual currency startup, Abra app aims to make cryptocurrency easy and simple for the investors. It has about 20 cryptocurrencies and 50 fiat currencies available for the users to buy, sell, invest or/and store, all in one place.

Abra crypto, if we must say, aims to create “an open, global financial system that is easily accessible to everyone.”

Understanding the all-in-one crypto investment ( Abra Digital Wallet ) app

Abra is basically a financial services company which utilizes the peer-to-peer money transfer network. Initially, it used the Bitcoin and its underlying blockchain technology to allow the users to transfer and store the virtual and traditional currencies. Recently, Abra announced that it will be using smart contracts on Litecoin network. This means Bitcoin and Litecoin are the only embedded digital currencies in the Abra app.

The services of Abra which don’t require a bank account in most of the countries worldwide can be used through Android and iOS devices in the Philippines and the US.

Also, read: Upcoming Crypto Events That May Trigger A Bull Run

Abra crypto journey: Adding funds in millions & support for cryptos

Abra started with a good idea, team and leadership no doubt, but it’s not all, the company only kept on growing with its partnerships and various additions to its various business facets.

Last year, Abra bitcoin app got into a partnership with American Express that allows its users to fund their Abra wallet via American Express card.

Abra digital wallet further secured $16 million in its series B funding. Bill Barhydt, Abra CEO, expressed his thoughts with: “Abra’s vision for a decentralized network of people, merchants and consumer devices all connected via Internet-based open blockchain technology can usher in a new era of financial inclusion and access to capital for billion of consumers.”

Abra digital wallet also holds a multi-sig wallet, unlike others where both the consumer and the Abra needs to sign a transaction whenever a consumer holds an altcoin, i.e. any digital currency except bitcoin. This is to ensure that the bitcoin value a consumer is holding remains fixed to the amount of fiat currency the customer wishes to hold.

Abra might have started with just a few cryptocurrencies but today it supports 20 cryptocurrencies like bitcoin, ethereum, dash, dogecoin, bitcoin cash, ripple, litecoin and zcash among many others while having 50 fiat currencies listed on its app.

Abra digital wallet is an app available on your smartphone that allows you to trade as well as store your cryptos in its digital wallet. It is certainly gaining a lot of attention and soaring high in the cryptocurrency industry.

Do you think Abra has the potential to make it big in the crypto space?

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Stan Peterson 104 Articles

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