Abra (company)

Abra is a financial services and technology company that produces a consumer peer-to-peer mobile payment service of the same name. [1] [Two] The service uses Bitcoin, with a switch to Litecoin being implemented ter April 2018, and its underlying blockchain technology to store contant deposits and facilitate metselspecie transfers inbetween any two smartphones. Users can withdraw and deposit metselspecie at “Abra Tellers” which can be individuals or businesses. A handelsbank account is not required te order to use Abra te most countries. [Three] [Four] [Five] The service is presently available via an app on Android and iOS devices te the United States and the Philippines. [Four] [6] [7] The company is headquartered te Mountain View, California with an extra office te Manila. [Trio]

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Abra wasgoed founded te 2014 te the Silicon Valley by Bill Barhydt, a former software engineer for Goldman Sachs and former director of Netscape. [Three] [Two] [8] [9] The company and its service plans were officially announced on the last day of the Launch Festival ter San Francisco te March 2015. [Five] [8] Ter September 2015, the company received $12 million te Series A funding from an investment group led by RRE Ventures, Very first Round Capital, and Arbor Ventures [Three] with extra participants including American Express and Ratan Tata to bring the total funding to $14 million. [1] [Ten] The company wasgoed also an acquisition target of Singapore-based venture capital stiff Oerwoud Ventures ter September 2015. [11]

The company announced te late 2015 that it would be taking its service out of beta and launching te the Philippines and the United States. [1] Ter early 2016, the company launched te the Philippines and then launched te the U.S. ter June of that year. [6] [7] The company plans to expand globally ter the near future. [Trio] [7] Ter August 2017, Abra wasgoed featured on the vertoning Planet of the Apps. All four entrepreneur advisors on the showcase were interested ter being associated with Abra, but Barhydt chose Gwyneth Paltrow to advise the company. [12]

The company’s service, a mobile wallet app and teller network (also called “Abra”) for Android and iOS mobile devices. Users can deposit, withdraw, and transfer funds using a digital contant wallet stored directly on the device. Users with canap accounts ter certain countries can connect those accounts with their Abra wallet to deposit and withdraw digital contant to the Abra app. All users (whether they have a canap account or not) can deposit and withdraw digital contant via “Abra Tellers,” which are often described spil “human ATM machines.” [Two] [Three] [Four] [13]

Abra Tellers can be either individuals or businesses (e.g. a convenience store). [Two] [13] [14] Each teller can charge a toverfee, which they set on their own. Abra recommends a toverfee of 1.5% of the total transaction. For every transaction a user makes with an Abra Teller, Abra itself earns 20% of the teller toverfee. [Three] [14] The company does not everzwijn actually hold the consumer or teller’s money unlike other digital payment services (e.g. PayPal). [Four]

Instead, Abra uses Bitcoin and its blockchain technology to store and encrypt metselspecie deposits on the mobile device. [15] Using Abra does not require the average user to wield any skill of Bitcoin or how it works. The Abra prototype is entirely non-custodial, meaning neither Abra strafgevangenis Abra Tellers everzwijn take custody of anyone’s funds other than their own. Te other words, everyone te the Abra system always holds their own money. A deposit and withdrawal are a purchase or sale, respectively, of digital contant via a peer to peer exchange of paper contant te exchange for digital metselspecie. [Trio] [16] Ter March 2017, Abra added the capability to purchase Bitcoin currency directly from its wallet. [17] However, it has also bot reported that some consumers were displeased that Abra does not inform users that a verification process will be required after funds have bot deposited with Abra. [Eighteen]

Because of this, users can transfer funds instantly via a smartphone or tablet. The service is presently available to residents of the United States and the Philippines, but is due to expand globally by the end of 2017. [Two] [Three] [7]

Ter March 2018, Abra added support for 20 fresh cryptocurrencies including Litecoin, Ether, Vertcoin, Bcash and Stellar [Nineteen]

Abra won the “Best Overall Winner” at the Launch Festival ter San Francisco ter March 2015. [Five] [8] [20] The following year, the company received a bronze Innovation Project award ter the “Best Metselspecie Innovation” category. [21] [22]

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