News Abra’s Non-Custodial Bitcoin Backed Global Investment App is a World First
Christina Comben | Feb 06, 2019 | 10:00
San Francisco-based Abra just made cryptos more accessible with their global investment app.
Lowering the Barrier for Investors
One of the greatest complaints that people have when it comes to cryptocurrency is usability. Well, San Francisco-based Abra just made cryptos more accessible with their global investment app.
The investment app lets anyone invest in traditional stocks and ETFs, as well as over 30 cryptocurrencies straight from their smartphones. It also provides non-custodial accounts with funds secured on the Bitcoin blockchain.
There are quite a few cool things about the Abra app that make it an interesting prospect. In a world with unequal wealth distribution and restricted access to investment opportunities, Abra makes investing possible to (almost) all. To start with, rather than having a high entry fee, investors can start with as little as $5.
This is to make investing in stocks and bonds more affordable. It also means that not only can investors own a fraction of a bitcoin or ether, but they can now own a fraction of a stock and high-priced ETF as well.
Some of the options on offer in the initial rollout are popular tech stocks like Google, Amazon, and Netflix. There are also commodities like SPDR Gold Trust.
Abra CEO Bill Barhydt said:
Investing in stocks can be a daunting, complex and decidedly exclusionary activity… We are building Bitcoin-backed investing products because, for the first time, we can truly democratize access to investment opportunities at global scale.
Secure and Private Technology
Even more interesting for Bitcoin fans is the fact that the Abra app is non-custodial. The funds are stored on the Bitcoin blockchain and the app uses smart contracts as the underlying technology for users’ investments.
This means that Abra users will never have to trust the company with their money or worry about losing their funds to hackers. Their transactions are also more private as they are not held in a centralized database.
Where Can I Get Abra?
The Abra app is already available for download on Google Play and the Apple Store. Users can create an account inside their phone and link it to their bank account, or send payments with cryptocurrencies.
They can send payments through bank transfers, credit cards, and cryptocurrencies to access any asset in the app. And also exchange all major fiat currencies for multiple cryptos and send instant transfers to other Abra users.
When you couple rising smartphone penetration around the world with a technology that allows almost anyone to gain a foothold in previously off-limits investments, Abra’s proposal is definitely worthy.
It’s also a world-first, attracting investment from the likes of American Express Ventures, Foxconn Technology, and First Round Capital.
What do you think of the non-custodial ability to invest in cryptocurrency? Let us know below!
Images courtesy of Shutterstock
