Abra is a financial technology company offering a mobile app that allows users to buy, sell, trade, and earn interest on cryptocurrencies. The app supports over 80 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and popular stablecoins. Abra utilizes a synthetic currency system, providing users direct custody of their Bitcoin holdings through private keys and recovery phrases.
Originally launched in 2014 as a peer-to-peer money transfer service, Abra pivoted in 2017 to focus on cryptocurrency services. It discontinued its US retail trading app in 2022 to cater to institutional clients and private wealth management through Abra Prime and Abra Private. These offerings provide asset management, lending, OTC trading, and customized crypto investment solutions for institutions, crypto funds, family offices, and high-net-worth individuals.
Abra plans to launch Abra Bank in 2023, aiming to be the first US-regulated bank for cryptocurrencies, allowing customers to deposit and bank digital assets alongside fiat currency access. It also intends to establish Abra International in late 2022, providing similar regulated crypto banking services globally.
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