Abra Wallet Partners with Plaid App to Introduce Cryptocurrency Withdrawals Across the USA

A week of success in Abra! The non-custodial wallet introduces real digital asset withdrawals and partners with Plaid, a fintech firm allowing bank withdrawals of cryptocurrencies.

Abra Multi-Currency Wallet Now Supports Numerous United States Banks

In a bid to keep rendering the best services to its clients, mobile bitcoin wallet and Investment app, Abra, has now made it possible for users to seamlessly connect with thousands of banks in the United States, according to reports on May 10, 2019.

In a tweet from their official Abra Global account, the Abra cryptocurrency wallet announced the addition of sixteen cryptocurrencies on the platform. These cryptocurrencies will become the first digital assets to be offered on Abra in their native form after the first addition of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

The addition of the cryptocurrencies in their native form replaces the earlier derivatives that are pegged to the price through smart contracts. The announcement confirmed the users and holders of the coins can withdraw or send their funds from their mobile app with the deposits functionality still in development.

Abra Non-Custodial Wallet Partners with Plaid

The service expansion has been made possible courtesy of Abra’s recent integration with Plaid, a financial technology platform that enables apps to connect with peoples’ bank accounts in a friction-less way, through  application programming interfaces, (APIs).

The new system eliminates the entire challenges that Abra users face while trying to deposit funds into their accounts.

Furthermore, the non-custodial application released a statement on their official blog earlier on Thursday announcing its partnership with Plaid app to enable easy withdrawals of 30+ cryptocurrencies to fiat across the United States. The move is aiming at capturing a larger market share of cryptocurrency adoptees by providing the best financial services access to the customers.

Fast and Frictionless Funding Options

Prior to this time, users residing in the United States and the European Union could only fund their wallets through bank transfers . However, with the new feature, thousands of banks will be connected in-app for superfast funding.

Commenting on the exciting new feature, CEO of Abra, Bill Barhydt reiterated that the new feature gives power back to the consumers as they can now quickly move from crypto to fiat and vice versa.

Speaking on the partnership with Plaid, Bill Barhydt, the CEO and founder of Abra expects the new app to provide more efficient ways to transfer cryptocurrencies and fiat. He said,

“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.”

Paul Williamson, head of sales at Plaid also stated that  the new feature present consumers with several great options to invest their funds.

“Consumers need to be able to invest their money wherever they choose, regardless of where they bank,” he noted.

That’s not all, the Abra team has also made it clear that it has expanded native withdrawal support, adding 30 more cryptos to the existing bitcoin (BTC), litecoin (LTC), ether (ETH) and bitcoin cash (BCH).

Some of the cryptocurrencies that will be supported by Plaid include 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Dash (DASH), Digibyte (DGB), Doge (DOGE), Ethereum Classic (ETC), Golem (GNT), Lisk (LSK), Neo (NEO), OmiseGo (OMG), Qtum (QTUM), Status (SNT), Stratis (STRAT), Tron (TRX), Vertcoin (VTC), and Zcash (ZEC).

Abra has also added support for withdrawals to hardware wallet and the firm’s vice president of product, Willie Wang has hinted that there will soon be an expanded the firm had  crypto deposit support.

Bridging the Gap between Crypto and Traditional Investments

Interestingly, the Abra team has also said that users of its wallet will soon be able to buy small chunks of traditional investments such as stocks, bonds etc.

It’s worth noting that the firm had hinted earlier in February that its app will make use of the Bitcoin distributed ledger as well as smart contracts technology to enable fractional investments in exchange traded funds (ETFs) and stocks.

At current the Abra crypto and investment app supports 50 fiat currencies and 30 cryptocurrencies spread over 155 countries.

As previously reported by Bitcoin Exchange Guide, Abra has tried offering remittance services once but had to suspend it due to huge cost associated with the space.