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Abra Allows Bitcoin Holders to Fractionally Invest in Stocks and ETF with Zero Fees in 2019

Bitcoin Abra

Abra,
a crypto investment app with its headquarters in San Francisco, USA, is
allowing its non-US users to invest in exchange-traded funds (ETFs) and stocks
with Bitcoin as collateral.

In
a tweet, Abra
said:

“It’s finally here! Abra is offering (non-US users) the ability to invest in stocks ETFs, and commodities in over 150 countries. Starting today, investors can use Bitcoin to make fractional investments in stocks and ETFs with $0 trading fees for 2019.”

Solving Access and Affordability

Notably, Abra is the first company in the United States to unveil such services. The app’s founder and CEO, Bill Barhydt, noted that although people in the US are exposed to investments in the financial sector, the world’s population outside the US “is not invested in financial assets or markets.” For Barhydt, this is caused by not having access to these assets and or affordability.

As of the time of writing, Abra was allowing users to invest in several high profile companies such as Uber, Tesla, Google, and Amazon. Additionally, with Bitcoin, the app enables investments in gold and oil trusts. Luckily, it does not end there. Abra has a reward system in place where users earn $25 for bringing their friends on board. To help more users to take advantage of the new revolutionary service, trading on Abra will be free till the end of this year.

It’s Already in Use

Abra
is already in use outside the United States. On May 27,
the Abra founder tweeted:

“Venezuelans are using Abra Global to buy Bitcoin and other cryptos as well as invest in US stocks and ETFs via Bitcoin.”

However, Venezuela-being among the first countries to embrace Abra, does not come as a surprise. The country’s government issued fiat currency, Bolivar, is suffering from massive inflation which has already spiraled out of control. Therefore, Bitcoin and other virtual currencies come as a savior for Venezuelans.

The
crypto investing app expanded its offering in February this year, where it
added 50 new investment opportunities. But, since things like stocks are not on
the same platform as Bitcoin or crypto – blockchain- Abra brings in
cryptocurrency collateralized contracts. This means that Abra isn’t tokenizing
stocks and other traditional investments.

How Does The Collateralized Contract Work?

Instead,
according
to the Abra CEO:

“If you use Abra right now to hold euros, or Monero, or ZCash in the Abra app, what you’re actually getting is what we call a crypto collateralized contract. It basically takes Bitcoin and pegs it to the value of whatever asset you want investment exposure to[…].  Meaning if you buy $1,000 worth of Apple [shares] and you’re using Bitcoin to actually make the contract, if the price of Apple [shares] goes up you end up with more Bitcoin, if the price of Apple [shares] goes down you end up with less Bitcoin.”

Financial
markets are believed to be a critical pillar to those seeking to build personal
wealth. However, apart from only helping its users along this path, Abra is
also helping interface crypto with traditional markets, thus driving crypto adoption
and expanding use cases.

The post Abra Allows Bitcoin Holders to Fractionally Invest in Stocks and ETF with Zero Fees in 2019 appeared first on Ethereum World News.

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Buy Bitcoin, Sell Litecoin (LTC)? Abra CEO Begs To Differ

Buy BTC, Sell LTC?

For some odd reason, the recent rally in the Litecoin price has sparked a debate about its long-term staying power, especially in an industry continually dominated by its parent chain, Bitcoin (BTC). The popular altcoin may be up over 300% since December’s bottom, but many are still taking issue with it. In fact, Mike Novogratz, the head of Galaxy Digital, recently explained that LTC is overvalued and that investors should buy BTC instead.

Novogratz, a proponent for primarily Bitcoin and Ethereum, explained that silver’s $15 billion market capitalization is 0.17% that of gold, which sports a hefty $8.5 trillion valuation. But, LTC — being historically the silver to digital gold Bitcoin — has 6.4% of BTC’s market capitalization. He adds that Litecoin is just a “glorified testnet for Bitcoin.” This, of course, implies that the investor thinks that LTC is too highly valued for its own good.

However, Bill Barhydt, CEO of Abra, recently came to the asset’s rescue in a segment with Cheddar, a media startup. The American entrepreneur, formerly of NASA, the CIA, and Goldman Sachs, explains that whether it be Ethereum, XRP, or otherwise, many other chains are solving problems in their own right, with “Litecoin is the perfect case in point.” Barhydt explains that Litecoin’s move to integrate MimbleWimble, a privacy solution, and the chain’s classification as the “perfect Bitcoin test bed” cements its value in this ever-changing ecosystem.

Barhydt isn’t speaking out of his rear end, so to speak, as his company has used the chain for practical purposes. The Abra chief tells me in an interview that Abra, which provides financial services through blockchain-based contracts, uses Litecoin and Bitcoin currently. While the latter bears much of Abra’s load at the moment, the former is what Barhydt sees as a way for his company to increase liquidity and mitigate risks of network clog. The fact that Litecoin’s block times are one-quarter that of Bitcoin helps, I’m sure.

And Charlie Lee thinks that too. In a recent tweet, the Litecoin creator fought back against LTC bears. Lee, a former Coinbase employee, explains that Litecoin has value especially when Bitcoin has high transaction fees. In fact, with a platform called Boltz, a cross-chain “submarine swap” can allow users to send LTC to fill up their BTC wallet, this being a use-case for the former in and of itself.

Critics Double-Down On Bitcoin Love, Litecoin Skepticism

Yet, many have still maintained that LTC might not survive in the long run. In response to Charlie Lee’s above tweet, Francis Pouliot, a prominent figure in the Canadian Bitcoin space, called LTC investors “suckers.” CobraBitcoin remarked that Lee sounded awfully like Roger Ver. And Mr. Hodl noted that Charlie shouldn’t have a reason to keep on trying to “pamp [LTC],” citing the insider’s move to liquidate his stack.

Regardless, analysts have come to the conclusion that the altcoin will rally no matter how sentiment fares. As established in previous reports, commentators across the board see Litecoin’s block reward reduction as a decidedly bullish catalyst for LTC.

Photo by Alex on Unsplash

The post Buy Bitcoin, Sell Litecoin (LTC)? Abra CEO Begs To Differ appeared first on Ethereum World News.

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Bitcoin Cash (BCH) Temporarily Overtakes BSV After Gemini Listing

Gemini Adds Bitcoin Cash Support

Starting today, users of the U.S.-regulated, Winklevoss Twins-headed Gemini platform will be able to deposit Bitcoin Cash (BCH), the chain backed by the ABC client. This development comes via an official statement from the New York-based company, issued through Medium on Thursday morning.

Per the announcement, trading for BCH will commence on Monday, December 10th, while custodial services for the popular altcoin have already started. BCH is now the fifth crypto asset listed on Gemini, now an exchange even more exclusive than Coinbase when it comes to listings. BCH joins Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and ZCash (ZEC), the latter of which was recently added to Coinbase in a surprising turn of events.

BCH trading on Gemini was first announced in May, after the startup received approval from the New York Department of Financial Services (NYDFS), but the Winklevoss Twins were mandated to delay the asset’s launch due to the fork.

Closing off its announcement on the matter, Gemini maintained that the addition of BCH is in-line with the startup’s underlying mission. It was explained by Eric Winer, the platform’s Vice President of Engineering:

“We are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian. We are proud to provide our customers with a safe, secure, and compliant method to buy, sell, and store cryptocurrency as we build the future of money.”

Abra Reactivates BCH Trading

Just days prior to Gemini’s surprising announcement, American crypto platform Abra, often touted as a Coinbase and Circle competitor, also made a BCH-related announcement, but in a different context.

Through an official company blog post, the Mountain View-based startup first noted that prior to the November 14th hard fork, it suspended its in-house BCH-centric services. But starting last Monday, deposit, withdrawal, and trading support for the controversial asset resumed. The fintech company then issued a comment on why it chose to back ABC, the client of choice of Roger Ver, Bitcoin.com, and Bitmain, as such a decision was likely deemed disputable.

Abra, headed by crypto advocate Bill Barhydt, noted that it is “becoming clear” that ABC is the dominant chain, presumably due to the block lead and higher PoW statistics the fork had at press time. Yet, the popular crypto-centric platform added that it may “consider supporting” BSV, ABC’s primary competitor chain, in the future, dependent on how two chains play off each other moving into the future.

BCH Overtakes BSV After Multi-Week Brawl

For those who aren’t in the loop, amid this week’s market tumult, BSV, backed by the notorious Craig “Faketoshi” Wright and Calvin Ayre, saw a monumental rally this week, moving up the crypto standings faster than many could utter “HODL.”

In a matter of days, if not hours, BSV began to approach the market capitalization of BCH, with many crypto-centric commentators taking to Twitter to express their disbelief, as many thought the civil war between the two factions ended.

As BTC tanked, falling under $3,500, BCH followed close behind the world’s first cryptocurrency. Although many expected for BSV to follow suit, it didn’t, with the forked asset immediately surging, passing the market capitalization of BCH.

However, with Gemini’s stamp of approval, BCH has started to outperform BSV for the first time in days, recently surpassing its competitor in terms of market capitalization.

The post Bitcoin Cash (BCH) Temporarily Overtakes BSV After Gemini Listing appeared first on Ethereum World News.

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Cardano (ADA), Tron (TRX) and BAT Listed on the Abra App

From the 4th of September, users of the Abra app have been able to access three new cryptocurrencies on the mobile app. These cryptocurrencies are Cardano (ADA), Tron (TRX) and Basic Attention Token (BAT). The team at Abra acknowledged the main reason for listing the new digital assets, was the constant requests from the app’s users to add them. The announcement went on to add that:

We’ve been getting a lot of user requests to add various coins and tokens to the Abra app, and we are working diligently to make that happen.

We are really excited to have these coins listed on Abra, and we are working to bring more investment options to Abra users.

28 Cryptocurrencies

The mobile app now supports 28 cryptocurrencies as can be seen in the screenshot below.

28 cryptocurrencies on Abra. Source, abra.com

The Abra wallet allows you to gain exposure to all these crytocurrencies without creating a separate wallet, managing separate keys, or figuring out how to buy these digital assets on a regular crypto exchange. You can also redeem your cryptocurrencies for Bitcoin (BTC) or USD for withdrawal to your bank account.

Global and Flexible

For the aforementioned withdrawals, Abra allows users in the US and the Philippines to withdraw to their bank account. In the case of the latter country, residents in the Philippines can also deposit and withdraw funds to their wallet using a regular teller. This service is currently only available in the Philippines.

Listing Cardano (ADA) and Basic Attention Token (BAT) Before Coinbase

Popular American crypto exchange of Coinbase had earlier announced that it had plans to list the five digital assets of Cardano (ADA), Basic Attention Token (BAT), Ox (ZRX), ZCash (ZEC) and Stellar (XLM). The team at Abra have managed to beat Coinbase at listing 2 of the 5 digital assets.

Furthermore, it has been over 3 weeks since Coinbase made the announcement about exploring the possibilities of listing the 5 cryptocurrencies, therefore a verdict from the exchange should not be that far away in time.

[Photo courtesy of abra.com]

The post Cardano (ADA), Tron (TRX) and BAT Listed on the Abra App appeared first on Ethereum World News.

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Abra CEO: SEC Denies Bitcoin ETFs Because Applicants Do Not Fit Industry Archetype

The reason the U.S. Security and Exchange Commission (SEC) has insofar denied crypto exchange traded funds (ETFs) is because the crypto industry does not fit the applicant archetype, according to the CEO of crypto payment startup Abra, CNBC reported September 4.

Speaking in an interview with CNBC’s “The Coin Rush,” Bill Barhydt suggested that the SEC has rejected crypto ETF applications because “people who are doing the applications don’t fit mold of who the SEC is used to approving.”

Barhydt said that in order to receive approval for an ETF, there should be an applicant who “looks, feels and smells” the way the SEC expects them to. He further noted that a trusted financial organization has better chances to get approval than a startup or a relatively unknown company. Barhydt predicted that the SEC will finally approve a Bitcoin (BTC) ETF next year:

“It’s going to happen in the next year, I would actually make a bet on it. There is too much demand for it.”

Barhydt’s statements follow some widely publicized rejections of Bitcoin ETF applications. In July, the SEC denied an appeal for the application of a Bitcoin exchange-traded fund by brothers Tyler and Cameron Winklevoss. On August 7, the regulator postponed its decision on the listing and trading of a BTC ETF from investment firm VanEck and financial services company SolidX until September 30.

Last month, Pantera Capital CEO Dan Morehead suggested that a BTC ETF would take “quite a long time,” saying that crypto adoption was still in its early stages. Morehead noted that the most recent asset that gained approval from the SEC for ETF certification was copper, a metal that “has been on earth for 10,000 years.”

Bitcoin is trading at $7,377 at press time, up more than 1 percent on the day, according to Cointelegraph’s Bitcoin Price Index.

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Crypto Wallet Abra Announces Direct Transactions From EU Banks in SEPA

Global crypto wallet Abra has enabled the direct purchase and sale of cryptocurrencies for European bank accounts, according to a press-release published by PR Newswire Tuesday, September 4.

Abra, which offers 28 cryptocurrencies for consumers worldwide, will now support Single Euro Payments Area (SEPA) bank accounts. As the company’s official Twitter states, the launch of in-app European bank purchases of digital currency has already started.

Customers can now transfer euros or several other national currencies directly to their wallet which can, in turn, can be converted into the 28 cryptocurrencies offered by Abra including Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).

Bill Barhydt, founder and CEO of Abra, further explained the innovation:

“With users from over 70 countries globally, and a greater demand for the ability to invest in cryptocurrencies from any bank account, it is really important to give investors the opportunity to fund their Abra wallet directly from any bank account.”

Along with backing SEPA bank accounts, Abra has announced three new coins recently added to the wallet: Cardano (ADA), Basic Attention Token (BAT), and Tron (TRX).

Until today’s announcement, the Abra wallet could only be funded by U.S. bank and wire transfers in the United States, along with American Express, Visa, and MasterCard debit and credit cards around the world.

The Single Euro Payments Area (SEPA) is a payment system that simplifies bank transfers in the EU. Currently, it includes 28 EU members, together with the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland), and Andorra, Monaco, and San Marino.

As Cointelegraph reported back in March 2018, major U.S. crypto wallet and exchange Coinbase received an e-money license from the UK Financial Conduct Authority (FCA) to conduct its fiat activities in Great Britain, as well as in the 23 countries within the European Union. It was not immediately clear if Coinbase could keep the EU license in the future due to Brexit.

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Crypto Wallet Abra Opens Door to More European Users

Crypto wallet and exchange startup Abra is opening up a new channel for deposits: European bank accounts.

Residents in the Single Euro Payments Area (SEPA), as well as additional nations in the European Union, can now transfer euros or other national currencies directly to Abra, which in turn deposits bitcoin into users’ digital wallets.

Customers can then convert their BTC into one of a number of other cryptocurrencies currently available through the app, the list of which, as of today, now includes ADA, BAT and TRX on top of the 25 coins already listed.

SEPA standards allow for residents in any country in the European Union, along with Iceland, Norway, Switzerland, Lichtenstein, Monaco and San Marino, to make cross-border payments through direct debit transactions, among other features.

The company is working with crypto payments processor Coinify to add support for European banks, CEO Bill Barhydt told CoinDesk.

He explained:

“Abra works with regulated exchange partners in different territories who take our customer’s personal identifying information and process deposits, withdrawals and bitcoin purchases. Abra is working with Coinify as our first partner in Europe to enable European bank integration via SEPA … Users in Europe now have the option of doing a SEPA bank transfer from their European bank account directly to Abra’s exchange partner which will cause the equivalent amount of bitcoin to be added directly to the user’s Abra wallet.”

Prior to this move, customers could fund their wallets using bank or wire transfers within the U.S., or purchase cryptocurrencies with American Express, Visa and Mastercard debit or credit cards.

On top of giving access to SEPA account-holders, Abra is adding support for bitcoin cash deposits, according to Barhdt. Previously, customers could fund their wallets using bitcoin or litecoin.

Bitcoin and euros image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Ripple’s XRP and Tech best Choice for Amazon to Go

The Crypto – Market – Ripple’s XRP

Despite many believing that the same 2017-gold rush will return very speedy this year, it seems like we have to wait a bit longer. In these times of violent sell-offs, it is of positive nature to return to the words of Bill Barhydt – CEO of Abra, who said:

“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. He added: “Once the floodgates are opened, they’re opened.”

Parallel to that, just yesterday the CEO of IOHK and Cardano co-founder Charles Hoskinson on an announcement video regarding his platform added that this unsettling market volatility happened even before and we were there so everything is fine.

Keeping the above in mind, it is a good moment to look out for the best choice in the market. The prices have dipped majorly and there is a high chance it will be very rare they are this low again. So, whichever your choice is, this time around is a golden windows opportunity to step in.

Ripple’s Tech Able to Support Giants

Ripple’s XRP has established itself as one of the primary cryptocurrencies to shape the future of digital commerce. As the existing financial infrastructure does need a good rework, one of best to go [many cooperation, financial entities and firms have returned with positive test results] could be turning Ripple‘s XRP, xCurrent and xRapid.

For a company like Amazon, the best yet to do after witnessing many commencing digital currency support is to go for the one that is most user friendly.

Ripple’s high coin supply and subsequent lower price-per-coin will come in handy for creating a user-friendly market. Cryptocurrency will never find a place on Amazon’s market if it can’t prove to be beneficial to the customer experience. Price volatility and slow transaction times are antithetical to this mantra. But Ripple offers an alternative.

Let us say that the coin is implemented and it is targeting users. What would be simpler for the online store user to handle with .0001 BTC or lets say 1 XRP. For a trader or someone that works in the finance it is the same as the pricing has no difference. However, for a consumer it is much easier to go with 5 XRP instead of 50,000 satoshis.

Speed

Speculation of an Amazon partnership were first seen in the Crypto-verse late last year. The idea behind the speculation hinged on the reliability of XRP during transactions. The coin is known for 3.3 second transaction speeds and $0.0004 charges per transactions. These are performances that a leading online retailer like Amazon needs for the process of moving into the future and improving the online payment settlement.

The event would not be that shocking because we have to keep in mind that Ripple’s tech is being tested and promoted by various firms, baking institutions or financial companies like MasterCard American Express, Santander.

XRP Best of Exchanges

The Binance cryptocurrency exchange is one of the most active ones in the crypto-verse. There have been many and popular tweets circulating the crypto-verse by enthusiasts that XRP should be a base coin for Binance. Some of the reasons XRP fans outlined in the comments of the tweet as to why Binance should start pairing the digital asset as a base for trading are as follows:

  • It would help Binance for it is faster and cheaper
  • A base currency of XRP would bring in more users to the exchange
  • XRP is the fastest digital asset to transfer funds between exchanges

Accordingly, Weiss Ratings has also agreed and supported the request to add XRP as a base currency on the exchange.

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