Business 20 March 2018

Erik Gibbs

Abra wallet adds support for Bitcoin Cash, other cryptocurrencies

Another wallet has taken the decision to embrace Bitcoin Cash. Abra now supports the cryptocurrency, adding to the continued acceptance of the fourth most popular digital coin. The Abra app is available for both Android and iOS devices.

Anyone with a bank account can use the Abra app. Users can connect their Abra account with a bank account, an American Express card or even a cryptocurrency wallet. There are no transaction fees to exchange currency through Abra, except for the fees charged by American Express. All other transactions are completely free.

The wallet now provides support for 20 different digital currencies, as well as 50 fiat currencies. The app allows users to manage all aspects of their crypto investments, including the ability to buy and sell, store or invest and manage the investments.  Abra is a non-custodial wallet where only the user holds the key.

Deposits and withdrawals take place through “Abra Tellers,” which are either businesses or individuals. The tellers can charge a fee, which they can establish as they wish. Unlike some wallets, Abra doesn’t hold the customer’s funds, but just facilitates the transfers. It earns 20% of the fees charged by the tellers.

In a statement, Abra founder Bill Barhydt said, “The Abra app offers a timely mobile experience that provides more access and exposure to these new digital currencies in an easy, quick and safe way. Our goal is to empower customers around the world using their local currencies to freely invest in a wide variety of cryptocurrencies at any time, from anywhere.”

Barhydt founded Abra in 2014. It has its headquarters in Mountain View, California, with an additional office in Manila, Philippines. Barhydt was a former software engineer with Goldman Sachs before coming up with the idea of Abra. It received $14 million in seed funding by RRE Ventures, First Round Capital and Arbor Ventures, as well as backing by American Express and Ratan Tata. Currently, the Abra wallet is available only to customers in the U.S. and the Philippines.

Abra isn’t the only wallet to advance its support for BCH.  The Bread wallet just recently began allowing users with iOS devices to exchange the popular altcoin and, as of today, a new version of the wallet is available for Android devices in the Google Play store that offers full support for the coin.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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