Abra the digital currency wallet and exchange have announced that they are “adding another arrow to the Abra crypto quiver by expanding Ethereum (ETH) support”.
Previously, Ethereum was available on Abra only as a synthetic asset, giving users exposure to the price movements of ether. This latest level of support now allows Abra users to directly deposit and withdraw ether to any other crypto wallet. This opens up the potential to use Ethereum as an on-ramp to invest in the other assets listed on Abra, including 50 fiat currencies, and 30 cryptocurrencies.
“By adding native ether support, Abra users will now be able to easily buy and move ether from other wallets to the Abra app,” said CEO and founder, Bill Barhydt. “This also opens up the potential to use ETH as an on-ramp to invest in the other assets listed on Abra.”
$25 Worth Of Ether To New Users On Offer
To attract Ethereum fans, Abra is offering $25 worth of ether to new users who buy at least $5 worth of the cryptocurrency from its app. The special offer is available until March 31.1145
Joseph Lubin, an Ethereum co-founder and founder of the Ethereum development studio ConsenSys, has said that Abra’s move is a sign of the network’s evolution. “While ether was intended to be the fuel that powers applications on the Ethereum platform, we are moving into a world where an enormous variety of tokens can start to be used on the payment side of a transaction,” he said.
Abra recently started offering users the opportunity to buy fractions of traditional investment instruments like stocks and exchange-traded funds through its blockchain-based app. “Just as consumers can own a fraction of a bitcoin, they can soon use Abra to own fractions of high-priced stocks and ETFs,” the company said.
Founded in 2014, Abra is based in Silicon Valley with offices in Manila, Philippines. The firm is backed by notable investors including American Express Ventures, Foxconn Technology Group, Arbor Ventures, among others.