Abra Adds Support for Thousdands of US Banks

Abra Adds Support for Thousands of US Banks

 
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Abra – the cryptocurrency wallet and investment app – has announced a new partnership with Plaid to allow users to connect accounts from ‘thousands’ of U.S. banks.

The Road to Cryptocurrency Mass Adoption

Announcing this exciting functionality development, Abra users will now be able to connect in-app to fund their purchases. Previously, EU and U.S. citizens had to fund their wallets via bank transfer. The new bank connectivity is courtesy of integration with Plain; a fintech SaaS which enables applications to connect to users’ bank accounts through APIs.

‘In that spirit, starting today Abra is making it easier for users in the United States to convert USD to crypto by connecting and being able to seamlessly transfer funds to the Abra app.’

In light of Abra’s news, Plaid’s head of sales – Paul Williamson – said:

‘Consumers need to be able to invest their money wherever they choose, regardless of where they bank’

Abra’s CEO added:

‘The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat.’

Greater Investment and Withdrawal Options

With increased integration, Abra customers will have access to greater investment options. The company has also expanded its native withdrawal support offerings to 30 cryptocurrencies, up from Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

And if the above-increased functionality and financial choice weren’t enough, the firm will soon allow global users to buy fractions of traditional investment instruments, as well as expanding cryptocurrency deposit support ‘in the near future’.

Utilizing the Bitcoin blockchain and smart contract technologies means that this company is able to support fractional investments of traditional and non-traditional assets. Offering investment in 50 fiat currencies and 30 cryptocurrencies, alongside dramatically increased direct banking support, means that it just became substantially easier to access the digital economy.

Future Implications

Whilst Abra’s news is great for existing and future customers, the implications of traditional banking integration and APIs for crypto-asset investments is profound. The industry as a whole has been waiting for the ‘killer app’ – as if something will launch and turn around the fortunes of the markets overnight.

Whilst this isn’t beyond the realm of possibility, the more likely scenario involves developments such as this creating a tipping point – with parabolic network adoption occurring as a result.

‘The road to cryptocurrency mass adoption will be paved by technology and design that makes moving money easier.’