The developers of Abra, one of the world’s largest global investment apps, have announced the integration of various enhancements to their trading platform for cryptocurrencies.
The enhancements will reportedly make it easier to conduct cryptocurrency transactions.
According to Abra’s press release (shared with Crypto Insider), the Abra app will feature several new options for US-based traders. The additional features will allow users to connect their bank accounts “through Plaid integration and [provide] native access to all 30 supported [cryptocurrencies] in the Abra app,” the firm’s release revealed.
“Democratizing Access To Financial Services”
Commenting on the launch of the latest upgrades to the company’s trading app, Bill Barhydt, the CEO at Abra, remarked:
“With today’s announcement, Abra is taking yet another step closer to our vision of democratizing access to financial services for our hundreds of thousands of customers around the globe.”
Barhydt also mentioned that the addition of the “new liquidity enhancements” to Abra’s app will allow users to move, or seamlessly convert, their cryptocurrencies to fiat equivalents (and vice versa). The Abra CEO added that his firm’s recent partnership with Plaid, a leading data networking provider for fintech companies, may potentially “bring thousands of additional financial institutions” into Abra’s ecosystem for US-based investors.
Currently, Abra’s app allows users in the US and the EU to fund their wallets through a bank ACH transfer. However, the latest integration with Plaid’s platform will reportedly “increase the number of US financial institutions available in-app for funding investments from dozens to thousands,” Abra’s release stated.
Broadening Investment Options For Small Bank Customers
Paul Williamson, the Head of Sales at Plaid, stated:
“Consumers need to be able to invest their money wherever they choose, regardless of where they bank. With increased funding sources available for connection, Abra broadens the investment options for people who bank with smaller institutions and expands access to the cryptocurrency ecosystem.”
In addition to supporting deposits and withdrawals for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ether (ETH), Abra’s app will now include “withdrawal support capabilities” for the 26 other cryptocurrencies which are currently available for trading through its app.
Willie Wang, Abra’s VP of Product, said:
“We’ve listened to user feedback and are committed to bringing withdrawal and deposit support for all of the supported cryptocurrencies in our app. We’re starting with withdrawal support today, but will be adding deposit support in the near future.”
As mentioned in Abra’s release, Abra is a non-custodial platform because it does not have access to users’ private keys (or funds). Users’ funds are kept in the Abra wallet which is “held privately on each user’s phone, making transactions more secure and private than centralized databases used by most crypto exchanges and wallets,” Abra’s announcement noted.
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