Digital wallet and exchange service Abra has expanded support for the
Ethereum platform by adding native integration of ether, the platform’s native
cryptocurrency, now allowing users to deposit, invest and withdraw ether
directly from the Abra app.
The announcement of the integration was made on Wednesday at
Token2049, an event dedicated to the crypto and blockchain industry, held this
week in Hong Kong.
Prior to the integration, ether was only available on Abra
as a “synthetic
asset,” meaning that users could only be exposed to the cryptocurrency’s price
movements but couldn’t actually hold the cryptocurrency. Users had to make a
deposit into the Abra app either via a US-based bank account, American Express
card, bitcoin, bitcoin cash or litecoin, and then needed to have their balances
converted into a synthetic version of ether. This latest level of support adds
the ability for Abra customers to directly deposit and withdraw ether (ETH) via
any other Ethereum wallet.
“By adding native ether support, Abra users will now be able
to easily buy and move ether from other wallets to the Abra app,” said Bill
Barhydt, CEO and founder of Abra. “This also opens up the potential to use ETH
as an on-ramp to invest in the other assets listed on Abra.”
According to Willie Wang, Abra’s vice president of product,
the launch of native ether support is “a crucial milestone” for the company
which has been looking to expand support for the Ethereum platform and
“The greatest part about this news is that this is just the
beginning. In the near future, we will offer native deposit and withdraw
support for the other ERC-20 tokens currently listed on Abra, in addition to
other new tokens that we will now be able to list,” Wang said.
Founded in 2014 and headquartered in California, Plutus Financial, Inc., doing business as Abra, operates a crypto mobile-based app that allows users to buy, sell, store and invest in cryptocurrencies. The platform is based on a non-custodial architecture, meaning that Abra doesn’t control or have access to users’ funds. Instead, Abra uses Bitcoin and its blockchain technology to store and encrypt cash deposits on the user’s mobile device. Funds are accessible only by a user’s unique recovery phrase.
Abra is currently available in 155 countries and supports
over 30 cryptocurrencies and 50 fiat currencies. Users can also gain exposure
to the price movements of Ethereum by investing in the BIT10 crypto index
directly through the app.
Abra plans to add support for traditional stocks,
commodities and ETFs in the near future.
“We’re going to start with popular US stocks and ETFs and
add more global assets in the coming months,” Barhydt wrote in a blog post
“We’ve heard from many of our users that they would love to
have one stop shopping from the Abra app for all of their investment needs. This
new product release makes this wish a reality.”