Cryptocurrency Platform Abra Adds Support for European Bank Accounts

Cryptocurrency Platform Abra Adds Support for European Bank Accounts

Digital asset mobile app Abra has made it possible for users to fund their accounts with transfers from European banks, the San Francisco-based firm said in a press release on Tuesday. Furthermore, three new cryptocurrencies are now available for trading on the platform - Cardano (ADA), Basic Attention Token (BAT), and Tron (TRX).

With the new feature, Abra users who have a bank account within the Single Euro Payment Area (SEPA), covering the 28 EU member states, the four member states of the European Free Trade Association, as well as Andorra, Monaco and San Marino, will be able to transfer money to their crypto wallets and then invest in any of the currently supported 28 virtual coins. As of now, the selection includes BTC, BCH, ETH, XRP, and LTC, among others.

"With users from over 70 countries globally, and a greater demand for the ability to invest in cryptocurrencies from any bank account, it is really important to give investors the opportunity to fund their Abra wallet directly from any bank account," Abra CEO and founder Bill Barhydt commented.

Abra’s expansion into the European market complements the currently allowed transfers from US and Filipino bank accounts. The smartphone app offers as well funding via credit and prepaid cards in the US, through physical cash in the Philippines, and deposits in BTC, LTC and BCH. It should be noted that the Bitcoin Cash deposits are also a new addition to the platform.

Talking about the functions of the Abra tool, Barhydt emphasized in an interview for CNBC on Tuesday, that Abra is not a trading app:

“Abra is an investing app, the way Fidelity is an investing app for stocks,” he said and explained that investors use Abra to make long-term bets “on the fact that cryptocurrencies are here to stay”.

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