The cryptocurrency wallet application Abra is making it easier to convert US dollars to crypto through new banking integration technology. The company announced a partnership with the fin-tech company Plaid on Thursday, allowing users to connect their US banks with the Abra app for investment purposes.
Previously, moving dollars to crypto required a bank transfer on the Abra app. With the help of Plaid’s technology, thousands of banks are now available within the app to facilitate transactions. Abra founder and CEO Bill Barhydt called the move a step towards further democratizing access to financial services in an announcement post on the company’s site.
Founded in 2014, Abra provides a digital wallet service, enabling investors to make transactions with 50 fiat currencies and 30 cryptocurrencies. Users can store, trade and hold assets across a variety of currencies within one app.
At its core, the update is a liquidity feature, helping users move more seamlessly between their crypto and fiat currencies for investing purposes. Those cryptocurrencies were once limited to Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH), but Plaid integration has expanded Abra’s offerings of native withdrawal support to all 30 cryptocurrencies supported by the app.
In its announcement, the company said the goal of the new integrations is to increase the access and fluidity of crypto investment for people across the world. However, the improvements are aimed at traders of US currency, since Plaid connects users to US banks.
The investment app launched earlier this year as a non-custodial mode of investing crypto and US dollars. The expansion builds on the premise of lowering barriers to entry for investors. Abra said its next move is to enable users to make deposits directly into an Abra wallet, according to a post.