Abra, a financial services and technology company, has just added a private cryptocurrency dubbed Monero to its platform in a move aimed at directly helping emerging economies, including Africa, drive a revolution in global financial inclusion.
Unlike other cryptocurrency exchanges, Abra uses Bitcoin and its blockchain technology to store and encrypt cash deposits on the user’s mobile phone.
Abra founder and CEO Bill Barhydt said the combination of Abra’s user-friendly interface and the privacy-conscious Monero, offers a compelling pathway for consumers in Africa and other emerging economies to get equal access to all classes of investing, payments and credit services.
“Like Monero, we see privacy as far more than just a useful feature: it’s critical to enabling the creation of a new order of decentralised financial systems,” said Barhydt.
“Adding Monero to our list of supported cryptocurrencies directly supports our goal of offering exposure to assets and financial services that have traditionally been difficult to access in a simple and secure way,” he explained.
Riccardo Spagni, the South African-based Lead Maintainer of the Monero Project, said Monero’s inclusion on the Abra platform would further boost the ability of investors in emerging markets across Africa and the world to unlock new markets and opportunities.
“Together with Abra, we share a common goal of creating a system of global financial services that have no centralised authorities involved in their creation, distribution, enforcement or usage,” said Spagni.
“Beyond that, the increased liquidity and awareness for Monero that Abra will generate is an incredibly exciting development for the Monero community,” he added.
Abra allows users to buy, store and invest across 25 cryptocurrencies and 50 fiat currencies with no deposit or exchange transaction fees. Through Abra, consumers in any country will eventually be able to invest in other asset classes, regardless of where the asset originated.
Users can add money to their wallets using a bank account, an American Express card in the US or using bitcoin purchased outside Abra from anywhere in the world. They can then invest in any of the 25 cryptocurrencies and 50 fiat currencies offered on the app, quickly, easily and safely.
The Abra wallet is non-custodial, meaning cryptocurrencies and a user’s private key are held directly within the wallet. The Abra model is 100% peer-to-peer, with no middleman ever holding, managing or touching the funds at any point in any transaction.
Abra is the first and only all-in-one global app offering a true crypto to crypto exchange and digital wallet in one place – making cryptocurrency investing simple.
Abra allows consumers to buy, store, invest and hold 25 cryptocurrencies and 50 fiat currencies on a single app. Exchanges between multiple cryptocurrencies or fiat are quick, easy, and safe. Plus, with the Abra app, consumers can manage all crypto investments in one screen.
The tech company was founded in 2014 by Bill Barhydt, a veteran in the cryptocurrency space. The group’s investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures and Silver8 Capital among others.