Abra, an all-in-one cryptocurrency wallet and exchange has announced the addition of five new additional cryptocurrencies, or “altcoins” to its platform enabling users to now buy, sell, hold and invest across 25 cryptocurrencies and 50 fiat currencies. Abra, which recently launched its redesigned app, lets users exchange across any currency with no deposit or exchange transaction fees, at any time.
“The increased liquidity and awareness for Monero that the Abra service will generate is really an exciting development for the Monero community,” said Riccardo “fluffypony” Spagni, lead developer and head of the Monero Project.
Monero (XMR), NEM (XEM), NEO (NEO), Lisk (LSK] and Verge (XVG) will now be available on the Abra app in addition to Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), Golem (GNT), Litecoin [LTC), OmiseGO (OMG), Qtum (QTUM), Ripple (XRP), Vertcoin (VTC) Zcash (ZEC), Bitcoin Gold (BTG), Stellar Lumens (XLM), DigiByte (DGB), Augur (REP), Status (SNT), Stratis (STRAT) and 0x (ZRX).
“By adding the five new cryptocurrencies to the already robust list of coins Abra supports, we are continuing to offer exposure to assets that have traditionally been difficult to access in a simple and secure way,” said Bill Barhydt, Founder, and CEO of Abra. “The demand from our users for additional altcoins has been incredibly high, and our goal is to continue adding more cryptocurrency options and ultimately democratize access to financial services and all asset classes.”
How Abra works:
Consumers can add money to their wallets using a US bank account, a supported American Express card or using bitcoin purchased outside Abra from anywhere in the world. They can then invest in any of the 25 cryptocurrencies and 50 fiat currencies offered on the Abra app, quickly, easily and safely. To develop the new wallet and integrated exchange, Abra built a platform using stablecoins that facilitates holding both fiat coins as well as cryptocurrencies through a combination of bitcoin and litecoin based smart contracts. This unique multi-sig smart contract based investment platform uses P2SH scripts on the bitcoin and litecoin blockchains that simulate investment contracts the way a gold ETF is a contract based on USD. Abra acts as the counterparty to the P2SH scripts, and the company runs a market-making operation that hedges away its counterparty risk on these contracts.
Because of its stablecoin platform, Abra can quickly add additional cryptocurrencies to the app once they pass the platform’s rigid analysis around liquidity, contract market making and other factors. Additionally, consumers in any country will eventually be able to invest in other asset classes regardless of where the asset originated. This model can be extended to stocks, bonds, commodities and more with minimal changes to the existing Abra app.
The Abra wallet is non-custodial meaning cryptocurrencies and a user’s private key are held directly within the wallet. The Abra model is 100% peer-to-peer, with no middleman ever holding, managing or touching the funds at any point in any transaction.
Abra was founded in 2014 by Bill Barhydt, a veteran in the cryptocurrency space and an early Netscape employee. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, Silver8 Capital and others.