- Abra US offerings are expanding with 60 new cryptocurrencies, which means the bank deposit limits for users are going to double.
As one of the most popular investment apps and crypto wallet providers, Abra made an announcement Tuesday, saying that its customers from US will now be able to trade, deposit and withdraw Bitcoin SV, Cosmos, DAI and other crypto assets through its services. Aside from this, it will raise the withdrawal and deposit limits to $4,000 per day. The weekly limit will be $8,000, while the monthly one $16,000.
Deposit and Withdrawals for At Least 4 Stablecoins
The expansion for depositing and withdrawing will include at least 4 stablecoins like TrueUSD, DAI, Paxos and Tether, the firm has said. It will only be a few weeks until Abra allows new users that aren’t from US to have access to its new assets. This will expand the company’s offering to more than 200 cryptocurrencies. Different from other exchange services available, Abra gives its users the option to exchange in-app assets for free, without any trading pair limitations.
OMG, EOS, QTUM and BTG not Included
The changes announced will not be for Bitcoin Gold (BTG), Qtum (QTUM), OmiseGo (OMG) and EOS. This is because Abra announced earlier this year that its US users can’t hold these cryptocurrencies starting with August 29th. The reasons for this are the regulatory uncertainty and certain restrictions. During that time too, the firm also announced that its users residing in New York can’t use wire transfers, bank ACH or American Express cards to make deposits or withdraw. However, the other US users can fund their accounts with Visa, Mastercard, AmEx, through wire and bank transfers, also crypto.
Abra was founded back in 2014, in San Francisco. It received investments from the Foxconn Technology Group, American Express Ventures and First Round Capital.