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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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Bitcoin Cash – Euro Trading Pair to Be Re-Enabled on GDAX

Bitcoin Cash paired with Euro to be reopened by the GDAX exchange in less than a week, enabling another highway to invest with your regional fiat on BCH.

The platform [being a subsidiary of Coinbase] has declared that the pair BCH/EUR, especially for European investors obviously, will be available in a couple of days – from January 25 Wed at 02:00 AM PST. It is of great interest as the users will not have anymore to go through process of exchanging the euro to BTC firstly and then to BCH which added a second commission.

December 2017 Coinbase was forced to stop the BCH pairings on both platforms soon after it started, botching the launch. Besides operational problems like an inability to handle all the traffic to specific BCH liquidity issues, the company was also accused by many clients of enabling insider trading. Trading opportunity with BTC was only made possible after Jan 17 – just 7 days before the EUR pair.

The GDAX Market Operation team decided to take the process of launching from one mode to another so everything goes more smoothly this time while taking under consideration factors like price volatility and order book liquidity. First – ‘post only’ mode for a min of 10 minutes, second – ‘limit only’ mode that will be replaced by ‘full trading’.

Taking the launch that happened three-four days ago as a comparing example [BCH/BTC], the first mode took almost 40 minutes to transit to the second while climbing to the final level took an hour and almost 50 minutes.

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Esctoin Turned Down: Euro is the Currency for the Euro Zone

Its been a while that Kaspar Korjus Estonian president of the e-residency program gave out the news and idea of a country digital currency to be developed – Estcoin.

When the information met Mario Draghi the president of ECB, he was very clear and on point for the answer and outcome of the whole program:

“No member state can introduce its own currency; the currency of the euro zone is the euro.”

Estcoin – was planned to (if possible) be used as a virtual currency for the country and a way for citizens to notarize virtual documents on a global scale.

The moment that Estcoin could come to application would be a history mark for the cryptocurrency industry, community and state-range adoption. But it seems that, the Eurozone can not allow such a financial function to be enabled and proceed even with its benefits. Together with China’s Initial Coin Offering Ban, the world spread feeling towards regulatories related to cryptocurrencies is mixed for the moment but the whole idea of a GOV launching its own virtual currency is on pause for the moment.


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