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Crypto startup Abra expands support for Ethereum

Wed, 13 Mar 2019, 04:34 am UTC

Global investment app Abra has expanded support for the Ethereum platform by adding native integration of Ethereum’s currency, ether (ETH).

The company made the announcement at Token2049. Users would now be able to deposit, invest, and withdraw ether directly from the Abra app.

Prior to this announcement, Ethereum (ETH) was available on Abra as a synthetic asset, meaning that users had exposure to the price movements of ether and could only make deposits into the Abra app via a US-based bank account, American Express card, bitcoin, bitcoin cash or litecoin.

With the expanded support, Abra users can now directly deposit and withdraw ether (ETH) via any other ethereum wallet.

“By adding native ether support, Abra users will now be able to easily buy and move ether from other wallets to the Abra app,” said Bill Barhydt, CEO and founder of Abra. “This also opens up the potential to use ETH as an on-ramp to invest in the other assets listed on Abra.”

Abra is offering $25 of free ether for any new Abra wallet activations until March 31, 2019. For this, users need to download the Abra app using this promotional link, set up their first wallet, and buy a minimum of $5 of ETH using a U.S.-based bank account or an American Express card.

In its official release, Abra said that adding native support for ether on its platform is the first step to harnessing Ethereum’s ecosystem. The company plans to support innovative projects like ERC-20 and other Ethereum-based projects and the unique assets they provide investors.

“The launch of native ether support is a crucial milestone for Abra and we’re excited to embrace the ETH community,” said Willie Wang, Abra’s Vice President of Product. “The greatest part about this news is that this is just the beginning. In the near future, we will offer native deposit and withdraw support for the other ERC-20 tokens currently listed on Abra, in addition to other new tokens that we will now be able to list.“

Founded in 2014, Abra is available in 155 countries and supports over 30 cryptocurrencies and 50 fiat currencies. It is based on a non-custodial architecture meaning that it doesn’t control or have access to users’ funds. Abra plans to soon add the ability to invest in traditional stocks and ETFs. Additionally, its users can gain exposure to the price movements of Ethereum by investing in the BIT10, crypto index which tracks the top ten cryptocurrencies by market capitalization.

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