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Abra announces plans for US bank supporting digital assets

September 12, 2022 Coin Telegraph

Abra

Abra announced its international venture and U.S. bank would work with officials to ensure regulatory and legal compliance and planned to launch in 2022 and 2023, respectively.

Cryptocurrency trading platform Abra said it was “in the process of” establishing a United States-based state-chartered bank allowing clients to deposit digital assets.

In a Monday announcement, Abra said the bank, named Abra Bank, would be regulated to operate within the U.S. and give customers the ability to use digital assets in seemingly the same way as fiat at traditional banks. The company also planned to launch Abra International, a digital asset-focused business based outside the U.S.

“The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency,” said Abra.

We have some BIG news. Today we’re announcing the formation of Abra Bank and the launch of Abra Boost, Abra’s new staking and yield offering.

Lots to unpack… /https://t.co/eQMFS5mKmT
— Bill Barhydt (@billbarhydt) September 12, 2022

The two ventures were expected to launch in 2023 and 2022, respectively. Abra announced both institutions would work with officials to ensure regulatory and legal compliance, providing “on-ramps, off-ramps, and transactional services” for cryptocurrencies. Founder and CEO Bill Barhydt added on Twitter that the U.S.-based bank planned to include services for nonfungible tokens and custody, launching no later than the first quarter of 2023.

In September 2021, Abra raised $55 million in a funding round led by Amex Ventures and others to grow its product offerings in wealth management. The company reported it had more than $1.5 billion in assets under management at the time of publication.

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Propy partners with Abra to provide crypto-backed real estate loans

April 28, 2022 Coin Telegraph

Abra

Cryptocurrency investors now have more options for purchasing property without having to sell their digital assets outright.

Blockchain real estate platform Propy has partnered with Abra to allow customers to obtain home loans using their cryptocurrency holdings, potentially widening the financial use cases of digital assets.

Propy customers can now put up digital assets as collateral for their real estate purchases through Abra Borrow, a cryptocurrency lending and borrowing service. Crypto collateral pledged on Abra is used to borrow United States dollars that can then be applied to home purchases.

The Propy blockchain records the entire transaction process, serving as the technical and legal framework for buyers and sellers. According to Propy, the blockchain records the transaction whether it’s made in crypto, nonfungible tokens (NFT) or traditional fiat currency.

Abra is a crypto-focused wealth management platform that has been around since 2014. The platform allows users to generate yield on their crypto, borrow dollars against their holdings and trade digital assets. Abra has received backing from several major companies, including Amex Ventures, the venture capital arm of American Express, which contributed to its $55 million Series C funding round in September 2021.

While early crypto investors have generated significant wealth over the years, their access to traditional financial products such as mortgages remains limited. Decentralized finance, or DeFi, applications are attempting to fill the void. As Cointelegraph reported, a new homeowner in Austin, Texas recently purchased property through a mortgage obtained from USDC.homes, a crypto loan service based on Circle’s USD Coin (USDC).

If you're buying a home in the future, you'll probably be using NFTs. Here's how crypto is changing real estate in the meantime. https://t.co/jiLT9Uojvd
— Cointelegraph (@Cointelegraph) February 19, 2022

Fintech startup Milo is also offering crypto mortgages to homebuyers wishing to use their Bitcoin (BTC) as collateral. Meanwhile, decentralized mortgage lender Bacon Protocol launched a program in September 2021 that allows homeowners to exchange a lien on their property for an NFT that represents a percentage of the property they bought.

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Amex Ventures backs $55M Abra raise

September 15, 2021 Coin Telegraph

Abra

Venture capital continues to flow into the crypto industry, with high-profile investors such as American Express taking part in the new economy.

Cryptocurrency trading platform Abra has raised $55 million in funding to bootstrap the next phase of its growth strategy, bringing several high-profile investors on board from both inside and outside the blockchain industry.

Abra will use funds from the Series C investment to grow its product offerings in wealth management, trading and payments, as well as expand its in-house capacity, the company announced Wednesday.

Amex Ventures, a venture capital arm of American Express, was among the contributors alongside Blockchain Capital, Ignia, Kingsway Capital and Stellar Development Foundation. Abra has now raised over $85 million since its inception.

Bill Barhydt, Abra's founder and CEO, said his company's "vision of crypto-centric banking is coming to life" amid the surge in institutional and retail interest, evidenced by the remarkable growth of decentralized finance and nonfungible tokens.

Abra has seen significant uptake of its trading services over the past year as billions of dollars flowed into the cryptocurrency market. The company now has 155,000 monthly users and has processed over $4 billion in transactions. Its Abra Trade and Abra Earn services manage over $1 billion in assets.

Earlier this year, Abra launched a new cryptocurrency lending and borrowing service, capitalizing on one of the most popular use cases within DeFi. The services allow borrowers to access their crypto price gains without selling their holdings and triggering a taxable event.

DeFi lending protocols have exploded in popularity over the past year, with Aave and Compound locking in a combined $25 billion in total value, according to industry data. In terms of total value locked, DeFi is fast approaching a $200 billion market.

Venture funds have been keen to back DeFi projects, especially those within the lending and borrowing sectors. As Cointelegraph reported, a Stanford researcher-led decentralized lending platform raised $3 million from several investors. The protocol, known as Pledge, aims to facilitate long-term financing for crypto holders.

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