Abra Wallet Founder: Bitcoin (BTC) And Crypto Assets Can be Exchanged For ETFs and Stocks
The CEO and founder of Abra, Bill Barhydt, has recently talked with Nugget’s News and he spoke about the services which are currently being offered by the platform to its traders. He also talked about several other subjects like why he decided to create the company.
According to him, his main goal with the company was to create a new kind of banking system which could be more effective than the ones which currently existed. This way, he believed, he would be able to replace traditional banking with something much better: cryptocurrencies.
In order to achieve this, the company had to be useful for getting credit, transferring money and for making profitable investments. Another idea was to be the new “Whatsapp for money”, a bold concept.
He cited that many countries had their own payment systems like WePay in China, Venmo in the United States and Paytm in India, however, users were still lacking ways to make cross-border payments easily.
Barhydt affirmed that no app so far could be used in all countries in the world to make cross-border payments and let people invest both in the West and in the East. With Abra, this is exactly what they tried to make.
He also affirmed that the platform supported over 50 different fiat currencies and that it had 30 different cryptos, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and bitcoin Cash (BCH). Also, they worked with equities and ETFs, which gave the users more exposure to these traditional markets as well as the crypto ones.
The interviewer also asked about Security Token Offering (STOs), which are very similar to Initial Coin Offerings (ICOs), but the executive affirmed that, at the moment, the company is not dealing with this kind of investment because they are not so regulated as some of the other ones listed there.
With the help of the smart contracts provided by the company, people can invest in several assets and manage their portfolio to be diverse and strong. The company is now ready to add more US stocks and ETFs, too, so people will be able to directly use cryptocurrencies to get stocks.
According to the CEO, the main revolution is that you could use any fiat currency to buy ETFs, sell them for another fiat, buy equities and then sell them for cryptos. There are endless opportunities for investment and a large pool of liquidity. This way, the company hopes to democratize the access to financial assets.