Ethereum
[Hong-Kong] Abra, the world’s first global investment app, had just announced on expanding its support for Ethereum’s platform by adding native integration of its cryptocurrency – Ether (ETH). This means that Abra users can deposit, invest, and withdraw ether directly from the application.
Prior to extending its support, Ethereum was available on the platform as a synthetic asset. This basically means that Abra users were able to gain exposure to the price movements of ETH but they could only make deposits into the Abra app through a US-based bank account, American Express Card, Bitcoin, Bitcoin Cash, or Litecoin.
With this new layer of support, however, users will be able to directly deposit and to withdraw ETH through any other Ethereum wallet.
Speaking on the matter, Abra’s CEO, Bill Barhydt, said:
“By adding native ether support, Abra users will now be able to easily buy and move ether from other wallets to the Abra app. […] This also opens up the potential to use ETH as an on-ramp to invest in the other assets listed on Abra.”
One of the main features of Abra is its enhanced usability. It’s comparatively simple and very accessible. The app is available in 155 countries and the set up is very easy to handle on both iPhone and Android phones.
Furthermore, Abra is based on non-custodial architecture. This means that the platform doesn’t have control or access to the funds of its users. Instead, they are securely stored on the blockchain, accessible by a unique recovery phrase.
The technology which underlies Abra is also unique. Most of the assets which are available to invest on the app are synthetic. That’s made possible by Abra’s implementation of crypto-collateralized contracts (C3). This is a functionality which takes advantage of the programmable aspects of Bitcoin. It makes the underlying investment as secure as the blockchain, while also keeping it easily tradeable.
Another interesting feature of Abra’s app is the fact that users can send one kind of asset and they can receive it as another. For example, you can send Bitcoin and receive Euros. This can happen throughout the entire world.
One of the most important investing keys is diversity. To cater to that, Abra supports more than 30 cryptocurrencies, as well as 50 fiat currencies. To make matters better, it will soon enable traditional investments into stocks and ETFs as well.