Ethereum (ETH) Deposits and Ether Withdrawals Available for Abra Crypto Wallets
The Abra app offers a wallet to consumers that previously was only able to accept deposits, which could only be done through a US-based bank account. Other options for deposits include an American Express card, Bitcoin, Bitcoin Cash, or Litecoin. The deposits could only be converted into a “synthetic” ether token. Now, the wallet app has been updated to make withdrawals and deposits available with authentic ether tokens.
The non-custodial wallet’s CEO and founder, Bill Barhydt, stated that this change will make it easy to move and buy ethereum from other wallets into the app. It also creates an opportunity for ETH to be used as an on-ramp for investing in other assets that Abra lists.
Willie Wang, the vice president of product, noted that these changes are
“just the beginning.”
The company plans to add both deposit and withdrawal support for the other listings of ERC20 tokens on Abra. Now, with the capabilities implemented, Abra will also add other tokens that they were previously unable to list. In an effort to bring in more users, Abra is offering a $25 incentive towards ether that makes at least a $5 purchase in the app. This offer will be active until the end of this month.
Ethereum co-founder and ConsenSys founder, Joseph Lubin, said that this decision to implement authentic ether on the listing show the evolution that Abra is going through. In the press release, Lubin commented that ether’s purpose was to help power the applications of Ethereum. However, now, there are many tokens that can be used for payments in transactions.
In 2017, Abra had added support for Ethereum as a derivative, when the firm was working to improve the storage capacity of the wallet app. Last month, Abra chose to make it possible for users to purchase synthetic portions of stocks, exchange-traded funds, and other traditional investment products with the wallet app.