Abra Adds In-App Integration That Connects Users To ‘Thousands’ of U.S. Banks
Abra, a mobile crypto wallet and investment app provider, has announced that it is now possible for its users to directly connect with thousands of United States banks.
The expansion of its services comes after Abra partnered with a financial technology service provider Plaid. The fintech platform is able to allow applications to link with a person’s bank account through APIs (Application Programming Interfaces).
With the new system developments, Abra users will no longer experience the challenges they have been facing when they are making personal account deposits.
Before, wallet funding for United States residents who use Abra, as well as those in the European Union, was only possible through bank transfer. However, the integration eases the process, allowing for in-app bank connectivity and thus making it possible for users to fund their crypto buys.
Abra CEO Bill Barhydt, commenting on the new service, said that it is tailored to increase app liquidity and the number of ways in which users can easily transact by moving between their crypto holdings and fiat.
The head of sales at Plaid, Paul Williamson, noted that Abra users now had many options to carry out their investments with the new feature. He said:
“Consumers need to be able to invest their money wherever they choose, regardless of where they bank.”
The Abra team also announced that it was expanding its service to allow for added support for native withdrawals accommodating all the 30 cryptocurrencies currently supported on the app.
Before this, Abra users were only able to withdraw four cryptocurrencies- bitcoin, bitcoin cash, litecoin, and ether.
Users will now access this service for digital assets like Dash, Tron, Zcash, Dogecoin, Augur, and Ethereum Classic, among many others.
Moreover, the firm has said that users will have added options to aid investment, including storage on hardware wallets.
Willie Wang, Abra’s Vice president of product hinted that the firm was planning to expand cryptocurrency deposit support, with the service set to within the year.
The Abra team has said that its users will be able to purchase a part of traditional investment assets like company stocks and exchange-traded funds (ETFs).
This is a backing of its earlier announcement in February. At the time, Abra said that it would make use of the bitcoin blockchain as well as smart contract technologies to allow fractional investments in ETFs and stocks.
The Abra app so far provides support for investments in 50 fiat currencies and up to 30 crypto assets.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.