Recently, we got in touch with Bill Barhydt in order to speak more about Abra. Abra gained a lot of exposure this year after they offered their users the opportunity to invest in Litecoin, right after LitePay was cancelled.
1) What is Abra in a few words?
Abra is an easy to use mobile app – with 20 cryptos and 50 fiat currencies available. Users can buy, sell, store, and invest in cryptocurrencies, plus manage all crypto investments, in one single place.
2) Can Abra be used worldwide?
Yes, Abra is available globally and supports over 50 fiat currencies and 20 cryptocurrencies. You can invest in multiple cryptocurrencies, send and receive bitcoin and over 50 fiat currencies.
Bitcoin deposits and withdraws can be sent to/from anywhere in the world to/from an Abra
wallet. Abra users can withdraw/deposit via a Bank account in the US and the Philippines and
there are Abra Tellers available in the Philippines.
3) Are there any risks in using Abra to purchase/store cryptocurrencies?
As with all technology there are some risks, but Abra does everything to make sure we are as secure
as possible. We use modern encryption technology to secure users’ information. Also, when
transferring using Abra, the recipient does not receive any sensitive financial information like
bank account numbers. And, since Abra is non-custodial, we do not have access to user funds nor
can we access their recovery phrases. The user has control of their funds and we only provide them
with the technology.
4) Can Abra be a viable wallet?
Absolutely! We are starting with cryptocurrencies, but it can eventually be extended to stocks, bonds, commodities, etc. The same app can be used to send money as well as invest. And now with the new version of the app and exchange service it is the first time a platform is offering 20 cryptocurrencies plus 50 fiat currencies in a single wallet with real-time exchange across all 70 and no third party custodian.
5) How can someone deposit their cryptocurrency to Abra?
At this time, it’s not possible to directly deposit a cryptocurrency other than bitcoin into Abra.
However, we are working on making this a feature in the future.
6) How are the cryptocurrencies stored?
Money is held on the Abra wallet and a user’s Abra wallet is held privately on their phone. The
Abra wallet is a non-custodial cryptocurrency wallet that allows users to see the value of their
funds in any fiat currency that is chosen. Abra has no access (ever) to the private keys that
reference the funds. The Abra model is 100% peer-to- peer, with no middleman ever holding,
managing or touching the funds at any point in any transaction.