Abra, a cryptocurrency and digital wallet platform, has expanded support to 20 digital coins available within a single app. The move opens wider access to the cryptocurrency market for users across th
Abra, a cryptocurrency and digital wallet platform, has expanded support to 20 digital coins available within a single app. The move opens wider access to the cryptocurrency market for users across the globe.
The platform made 13 cryptocurrencies available: bitcoin, ethereum, ripple, bch, litecoin, dash, ethereum classic, omisego, qtum, zcash, dogecoin, golem, and vertcoin. Seven additional coins will become available over the coming days: stellar lumens, bitcoin gold, stratis, status, augur, ox, and digibyte.
The expansion addresses a friction point for crypto investors. Most platforms force users to hop between separate apps or exchanges to build a diversified portfolio. Abra consolidates everything onto one interface. The platform also supports buying, selling, and holding across 50 different fiat currencies.
Bill Barhydt, Abra's founder and CEO, connected the expansion to broader shifts in how people view cryptocurrency. "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 without the restrictions of banks and fees," he said.
Getting money onto the platform works through three channels. Users can add funds via a bank account, an American Express credit card for those in the United States, or with bitcoin they purchase outside Abra from any location. The platform relies on stablecoins, cryptocurrency tokens pegged to stable-value assets, to control price volatility. This architecture allows Abra to hold both cryptocurrencies and traditional currencies without constant rebalancing.
The stablecoin system also speeds the process of adding new assets to the platform. Once Abra's team completes its review and approves a token, it goes live. This removes the typical delays users encounter when trying to diversify into new cryptocurrency holdings.
Vinny Lingham, co-founder and CEO of Civic and a general partner at Multicoin, credited Abra with fixing a fragmented market. "By bringing 20 cryptocurrencies onto one platform, Abra has repaired a fractured system that has frustrated users who want to expand their crypto portfolios," he said. "Abra has unified the processes and transactions onto one app, creating a seamless user experience that the crypto community has long been asking for."
