Abra, which was introduced as a simple Bitcoin and cryptocurrency payment app in 2014, has now become the only app allowing users to buy, sell and hold 20 cryptocurrencies and 50 fiat currencies. Notably, the app allows exchange across any currency at any time, without any transaction or deposit fees. The company was founded by Bill Barhydt, a veteran in the cryptocurrency space.
Beginning March 15, the app supports 13 cryptocurrencies : Bitcoin, Ether, Litecoin, XRP, Bitcoin Cash, Ethereum Classic, Dash, Zcash, Dogecoin, Golem, OmiseGO, Qtum, and Vertcoin. In the coming days we will add support for: Stellar Lumens, Bitcoin Gold, DigiByte, Augur, Status, Stratis, and 0x.
Abra will start supporting the remaining 7 cryptocurrencies in the coming days. Consumers can fund their wallet globally with bitcoin, via bank wires or ACH as well as supported American Express cards in the United States. Users depositing bitcoin do not have to provide any additional KYC details outside of their phone number. Users in the US wiring money or using their credit card will have to provide the requisite bank and KYC details to our bank partners. Abra will be adding native support for litecoin and ether deposits in the coming weeks.
There will be no transaction fees for exchanging between currencies, although Abra will make money on the exchange spread. To develop the new wallet and integrated exchange, Abra has created a first of its kind stablecoin platform that facilitates holding both fiat coins as well as cryptocurrencies using a combination of litecoin and bitcoin-based contracts. Both iOS and Android version of the app are available for download.