Wallet Startup Abra Adds 18 New Cryptos for Mobile Investing


via CoinDesk

Crypto wallet startup Abra is expanding the number of cryptocurrencies it supports to 20 from just two - bitcoin and ethereum - currently.

Announced today, bitcoin cash, dash, dogecoin, ethereum classic, golem, litecoin, omisego, qtum, XRP, vertcoin and zcash will be immediately available on the app. Over the next few days, it will also roll out bitcoin gold, stellar lumens, digitbyte, augur, status, stratis and 0x.

Abra founder and CEO Bill Barhydt explained in a press release:

“Our goal is to empower customers around the world, using their local currencies to freely invest in a wide variety of cryptocurrencies at any time.”

A spokesperson for the company said each of the 20 new cryptocurrencies are held directly on the user’s phone, allowing them access to their coins at any time.

For customers who want to keep their balances in any of 50 fiat currencies, the platform uses stablecoins based on bitcoin or litecoin in conjunction with smart contracts (also based on bitcoin or litecoin) to offset crypto price volatility, according to the company. The smart contracts are designed to operate similarly to the way a gold-based exchange-traded fund (ETF) would work with U.S. dollars.

The firm notes that the model allows it to quickly add more cryptocurrencies, stocks, bonds or commodities as it see fit, as well as reducing counterparty risk.

Abra’s platform can be used to send funds, in addition to investing, allowing it to act as a cryptocurrency bank, of sorts. The app is now available to users in any country, who can use one of the 50 fiat currencies, as well as credit cards and bank transfers to fund their accounts.

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I’ve just installed it. First appearance I thought it was going to be like Revolut but it’s much more. Interesting. Charlie Lee’s retweeting now about it. More apps like this is only going to bring more people into crypto. Great news.

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I’m getting nerdxcited because what I see is the birth and growth of cryptonomy,
and Bitcoin being more and more used as cryptogold.

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NEWS BRIEF: ABRA(cadabra)! One Huge Unexpected Surprise!

This is huge for Litecoin!

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Why are people not talking about this. Abra will have to hold MILLIONS Litecoin! This will have to drive market up!
We should all be super pumped about this,

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I know,I think that since so many people on this forum talked down on/sold Litecoin because Charlie Lee did they don’t want to come back and say “wait a minute,maybe I was wrong” or “I acted too hastily”. It’s hard to do that. I know it’s hard for me so I assume it’s not easy for most.

Abra rains down like manna from Heaven because Abra accepts fiat to LTC, and LTC to fiat.

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I am too new, but I think I understand.

What are the real differences with LTC and BTC. Seem like it is cheaper, faster, and easier to mine.

Does it use proof of work like BTC does?
Does it have the some democratic consensus model, 51% rule?

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Why Abra is a Big Deal for Litecoin

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This is absolutely amazing I’m super stoked. I just installed got a new place to store my dodge!

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This is Definitely huge for LTC. This dude right here Bitcoin Ben was hired by Charlie Lee to work as a Marketing head.

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Isnt it a little misleading saying each of the 20 cryptos are stored directly on users phone? The user is not actually buying any of those cryptos , or “syntheticcryptos” as Abra calls them. Synthetic means what? fake? Anyways, what the user is actually purchasing is a paper or contract saying they have a right to those other cryptos. If you buy 10 Eth on Abra you are not able to withdraw that Eth. The only things that go in and out of Abra are btc and fiat as of right now even though they are using ltc for the smart contracts. I think they will be adding ltc to be able to deposit and withdraw. So based on logic everyone is using saying abra will jack up ltc price, why isn’t the same thing being said of btc cause Abra uses that as well? ltc is used as smart contract but settlement is in btc and fiat as of right now. Someone asked Abra if they purchase contract saying they have a right to xrp, is Abra actually buying that amount off an exchange and holding it somewhere thereby affecting xrp’s price on the market and Abra did NOT give a straight answer. Also, Uphold has allowed users to go from fiat directly to Ltc and vice versa for a while now as well as a few other cryptos, gold and silver and they also have as many global fiat currencies and with Uphold lets say you go direct from fiat to Dash you can withdraw the Dash if you want cause you really own the Dash and not just a contract saying you do. I hope Abra does raise ltc price but idk about it as a whole. Like paper gold they got way more contracts on it than underlying asset and so they say for long term investing buy physical metals , not etf’s!

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Since Abra says they are like a gold etf here are things to consider if you think of abra as long term investment vehicle.

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I still say this is huge for Litecoin because of these reasons , I’m not stoked about investing in ABRA but I hold and add to my LTC position weekly so this is huge news!

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