Welcome to our Abra news page. Here you'll find some of our featured Abra app content pieces as well as all our latest Abra wallet posts.
Abra + Bitcoin - Buy, Sell, Store, Send & Receive Bitcoin Wallet?
Abra lets you transfer money worldwide instantly and securely. Find out how Abra works today in our review.
What Is Abra?
Abra is a money transfer platform that lets you transfer money around the world using bitcoin. The company has a bitcoin-based digital wallet app. You install the app on your smartphone, then send or receive money from other users.
You can fund your Abra app using bitcoin, your bank account, American Express credit cards, or cash. If you’re funding your Abra account with cash, you’ll need to visit an Abra Teller in your area. transfer funds from mobile device to mobile device easily.
Abra supports 50+ currencies with no sending fees. You can also buy things online wherever Abra or bitcoin is accepted.
You can download Abra for free for Android or iOS. The app works particularly well in the United States and the Philippines, as Abra only supports bank transfers in these two countries. However, users around the world can fund their Abra accounts using cash or bitcoin transfers.
How Does Abra Work?
Abra works in a similar way to other bitcoin money transfer platforms. You use the app to send or receive payments. The app uses bitcoin to facilitate low-cost international transfers. Instead of paying high fees with PayPal or traditional banks, you can rely on the internet’s most popular currency.
To get started, you just install the Abra app onto your iOS or Android device. Then, fund your account using the different payment options. Abra lets you use one of 50+ currencies with no sending fees. You can use Abra anywhere in the world (however, not all countries support all Abra services). To check if your country is supported by Abra, visit Abra.com.
In general, Abra works best for users in the US and Philippines, which are the only two countries where users can fund their Abra accounts from their bank accounts. American Abra users can also fund with their American Express credit card. However, anyone from anywhere in the world can fund their account using physical cash.
Ultimately, Abra lets you send bitcoin to fiat currency, and fiat currency to bitcoin, all from one app. Do you prefer bitcoin – but your friend prefers USD? No problem. With Abra, you can send bitcoin to your friend, and they’ll receive it as dollars in their Abra wallet.
On the other hand, if you’re worried about bitcoin price volatility, you can hold a more stable currency in your Abra wallet. You can send funds in local currency and receive those funds in bitcoin.
Plus, Abra functions as an ordinary bitcoin wallet. Over 100,000 merchant worldwide accept bitcoin. You can use your Abra wallet to pay for goods and services at any of these merchants.
Abra advertises all of the following features:
- Mobile to Mobile: Download the app for iOS or Android, then easily transfer funds between mobile devices.
- 50+ Currencies: You can use Abra to send and receive money worldwide. You can use 50+ currencies.
- Anywhere in the World: You can use Abra to send money anywhere in the world, receive money, pay merchants, or buy bitcoin.
- Low Fees: Abra has no sending fees. They charge a fee of about 1% on exchange rates. We’ll talk more about Abra fees below.
- Buy, Sell, Send, or Hold Bitcoin: Thinking of buying bitcoin low and selling high? You can hold onto bitcoin in the Abra app. Or, if you want to transfer to a more stable fiat currency, you can sell bitcoin within the app as well.
- Multiple Funding Options: Anyone anywhere in the world can fund their accounts with physical cash. Users in the United States and the Philippines can fund their Abra accounts from their bank accounts, while American users can transfer funds from their American Express credit cards.
Abra doesn’t mention fees on the front page of its website. You have to click on the “fees” section to see how much you’ll pay for the service.
First, the app is totally free to download for iOS and Android. It’s also free to send money from your account to someone else. Here’s a list of Abra’s fees:
- Sending Money or Requesting Payment: Free
- Adding or Withdrawing Funds Via Bitcoin: Free
- Adding or Withdrawing Funds Via your Bank: Free
- Adding or Withdrawing Funds Via a Teller: “Small fee”
- Adding Funds Via American Express Cards: 4%
- Pay a Merchant: Free
- Exchange Rates: Abra claims to offer exchange rates that are “pretty much the best in the business.” They claim to charge a rate of about 1% higher than what you’ll find on xe.com or Google. Abra’s exchange rates are listed at all times through the app.
Although Abra never charges a fee for bank withdrawals, some banks in the Philippines may charge a small fee for incoming transfers. There are no fees for BDO, BPI, and UnionBank.
At the moment, Abra’s merchant payment service is only available in the Philippines.
Abra was founded by serial entrepreneur Bill Barhydt. The company is headquartered in Silicon Valley, but maintains an office in Manila.
Abra was founded in Saratoga, California in 2014 (they later moved to Mountain View). In 2016, the company launched Abra in the Philippines and the United States. In 2017, they added support for bitcoin, launched over 50 currencies, and launched Abra globally.
Abra appears to be owned by a company named Plutus Financial, Inc.
Abra is a payment platform built to facilitate easy international payments. Right now, the app is particularly useful for those who want to transfer funds between the United States and the Philippines, as the app supports bank account transfers in those two countries. All other countries, however, can still send and receive Abra payments through an Abra Teller.
Users in the United States can send money to the Philippines to avoid traditional remittance platforms (and their excessive fees). Meanwhile, users in the Philippines can spend money in their Abra at local merchants (local merchant payments are currently only available in the Philippines).
Overall, Abra promises low fees, easy transfers, and cheap exchange rates (typically 1% above the market exchange rate). There are surprisingly few fees for using the service – including no fees for bank account transfers.
You can learn more about Abra, or download the payment platform today, by visiting the company online at Abra.com.
Abra To Start Bit10 Token Based On Bitwise 10 Crypto Index Investment Fund
Abra, the crypto wallet provider, is launching its own token now as part of a larger effort to offer investors more exposure to the crypto market.
The token will be called Bitwise 10 Crypto Index Token (Bit10) and will be developed in a joint partnership with Bitwise Asset Management. According to reports, it will track the top 10 cryptos by market capitalization and be rebalanced monthly.
The token will be built using the Bitcoin structure and investors can purchase it from Abra as a way to basically invest in the top 10 cryptos at once. This grants the investors access to 80% of the crypto market.
The CEO of Abra, Bill Barhydt, has affirmed that, at the start, the fund will invest in Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Stellar, Litecoin, DASH, Monero and Zcash. Users will be able to deposit BTC, LTC, BCH or fiat currency and convert it to Bit10 tokens.
While the token will not be a fund, it will be Bitcoin-based but collateralized and the amount of BTC that the customer will hold will be equal to the index. Abra will be the counterparty to the contract and will hedge away counterparty risks on the contracts.
Abra’s token will use smart contracts that will peg the crypto to the Bit10 index. While built on the Bitwise index fund, it will not be an exchange-traded traded fund (ETF), though, only will work in a similar manner.
Bitwise does intend to create its ETF, however, which will be based in the index fund. The company is currently looking for approval of the U. S. Securities and Exchange Commission (SEC) to do it. As Bit10 tokens are not an actual ETF, they do not require the approval of the SEC.
The company has explained that the token is not a security because it uses the same synthetic asset model that the other Abra tokens do on the app and they are fully collateralized while the user holds their own keys. Because of this, the asset is not considered a security.
Abra Crypto Trading Platform Adds EOS and Siacoin (SC) Support to Wallet
ABRA, the crypto trading platform has recently announced the introduction of two new altcoins from the list of top-50 crypto. EOS and Siacoin are set to enjoy a listing as a supported digital asset on ABRA's trading platform.
In the official twitter post, ABRA made the exciting announcement which explained that users can now start investing or trading with EOS/USD and SC/USD pairs.
The exchange announced that both Siacoin and EOS would be listed as synthetic currencies to allow for a seamless exchange between the different digital assets on the platform. The announcement reads:
"Both EOS and Siacoin are listed on ABRA as artificial currencies. ABRA's currency uses crypto-collateralized crypto assets to securely and efficiently store and move value amongst different assets. The underlying synthetic currency also allows for ABRA's non0custodial wallet setup and provides a platform for future financial innovation."
ABRA also announced that the addition of EOS and SC elevates the platform's available cryptocurrencies to 30. This is in addition to the 50 fiat currencies already available plus the unique BIT10 crypto index.
The addition of EOS and SC may not come as a surprise with the two altcoins grabbing attention since their initial development. Both are ranked 6th and 39th respectively AltDex's 100 Cryptocurrency Index (ALT100).
EOS, for example, managed to attract a lot of interest during its crowdfunding round lasting a whole year. The funding also broke records by raising over $4 billion, enough resources for the token to build itself up.
The EOS token is the native currency of EOSIO network, a blockchain built to operate as a decentralized operating system. Therefore, EOS is set to become a necessary tool for developers looking to develop customized decentralized applications.
The Siacoin is also a native token to a network with its formation back in 2015. The Sia network acts as a decentralized data storage infrastructure to connect people with available computing storage to people in need of that space. In sorts, it's a rental model trying to disrupt the existing model of data ownership and management.
A good reason for picking Siacoin lies in its maturity within the crypto space. The venture is older than most merging crypto projects, and this justifies its addition according to ABRA.
The addition of EOS and Siacoin set ABRA on more expansion within the cryptocurrency industry.
The recent announcement also comes barely two months since the platform made the Bitwise 10 Crypto Index (BIT10) launch. Under the BIT10 Index, ABRA could potentially gain exposure to over 80% of the crypto market through a single investment vehicle.
ABRA is a crypto investment and trading platform founded by Bill Barhydt, an entrepreneur with over two decades of experience in payments services. The firm headquartered in Silicon Valley prides itself on providing simple cryptocurrency investment with its open, global financial system, accessible to everyone.
Abra Wallet App Lets Investors Buy Stocks And ETFs Using Bitcoin And Crypto Assets
Abra Wallet Lets You Invest In Stock And ETFs Using Cryptos
Abra, a blockchain startup from the United States, is now offering a new product for its users besides its famous wallet services. According to an announcement that the company made today, February 6, the new app will let the users buy portions of traditional investments using cryptocurrencies.
By using the Bitcoin blockchain and smart contracts, the company is set to make the lives of the people who want to invest in stocks and exchange-traded funds (ETFs) easier and it already has more than 50 options for people who want to invest right now.
The company affirms that as consumers are able to buy Bitcoin in different quantities and that they can own small pieces of BTC, they can now do the same with other assets from the financial industry. Investors from over 155 countries will use the products of the company and the minimum investment for them is only $5 USD, so retail investors can use the app freely.
Right off the bat, Abra is already offering stocks from major tech companies like Amazon, Google, Facebook and Apple and commodities like SPDR Gold Trust, as well as some indexes and ETFs.
Not A Custodial App
The most interesting aspect of the new application is that this is not a custodial app at all. Abra never takes custody of the funds, instead, it stored them on the Bitcoin blockchain, so they are there forever and the blockchain shows that the owners really own these assets.
According to Bill Barhydt, the CEO of Abra Wallet, they are actually trying to democratize the access to investment opportunities, as generally only the rich people were able to invest and now anyone with at least $5 USD can do it using the app.
The solution is actually far from simple, though, as the Next Web’s Hard Fork tried to explain on its site. When you put USD in the app, it is converted to BTC and the app will continue to display in USD, but in fact, your money has been converted. How does your money remain stable, though? The company borrows the Bitcoin equivalent of the dollars with brokers and have it in escrows, this will always match the amount of money you have.
This means that even if the price of Bitcoin ever goes down, your balance remains largely the same. If you want to withdraw, you will have to buy back the required amount to ensure that you can do it.
According to the reports, the actual process of investing in stocks using Abra is very similar. You invest with USD, which is turned to BTC and then used to buy the stocks and carve this information on the blockchain. When you decide to sell your assets, the value of the shares will be reflected in your wallet the same way that it happened before.
Abra makes money because it charges a spread every time that cryptos are exchanged, so the service is not free from fees.
This way, there is a whole complex mechanism that makes it all happen, but what really tells whether you get more or less money is the price of stocks because the company does all the rest without you ever seeing this complicated process.
However, you should remember that investing in stocks and similar assets is a very risky move. Why? Because they can be largely volatile and this means that you may lose a lot of money if you are not 100% sure of what you are doing. Investing $5 USD is largely safe but investing big amounts of money without knowledge is often a costly mistake.
Abra Wallet was launched in 2014 and has the backing of several important companies like American Express Ventures, Arbor Ventures, and the Foxconn Technology Group.
Since its creation, the company is constantly trying to find new solutions that will help users to invest in the best possible businesses with the help of the company.