Financial Service and FinTech company, Abra, announced the launch of the newest version of their smartphone app. This updated version offers 20 cryptocurrencies and supports 50 fiat currencies in a single app—the first of its kind!
The app is easy to use and it does not only allow for money transfers, it also lets users invest easily just through the app. They are starting with cryptocurrencies for now but they look to expand to stocks, bonds, and other investment products later on.
With the Abra app, users across the globe can buy, sell and store any of the 70 currencies available. There will be no fees for exchanging currencies. Users can exchange between currencies at any time, from anywhere, with no limitations. Making it the first and only smartphone app of its kind!
The launch starts off with 13 cryptocurrencies initially: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, ZCash, Dogecoin, Qtum, OmiseGO, Vertcoin, and Golem. The remaining 7 cryptocurrencies—Lumens, Bitcoin Gold, 0x, Stratis, Augurm, and Status—will be added later on.
Wallets can be funded with Bitcoin via bank wire transfers. Users in the US can even fund them with their American Express cards! In a few weeks, company plans on including native support for Ethereum and Litecoin.
Abra chose Litecoin to be the primary asset class for the platform. To which Litecoin founder Charlie Lee said “Litecoin’s unique combination of low fees, high throughput and secure immutable transactions is a great fit for its use as programmable money.”
Photo from Charlie Lee’s Twitter Account
A technical explanation of the technology at work can be found here.