Abra Borrow enables fiat loans against customers’ digital asset holding
Mountain View, CA, March 23, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) — Abra (https://www.abra.com/), a fully compliant platform for buying, selling, and trading of over 100 cryptocurrencies and earning interest of up to 10 percent on select digital assets, today announced the launch of its latest product: Abra Borrow, a cryptocurrency lending and borrowing service. As of March 23, 2021, Abra users will be able to access the Borrow feature on Abra Mobile App globally and in 35 U.S. states, with rollout to additional states expected in the near future.
Expanding upon Abra’s current suite of financial services including its interest-earning offering, Abra Borrow was designed to meet the increasing demand of today’s digital asset investors and “hodlers,” giving them the ability to use crypto as collateral for borrowing fiat against their digital asset holdings. Borrowing and repaying are easily done with just a few clicks in Abra’s mobile app.
“Abra already has a critical mass of over 1,000,000 users, and we’re excited to roll out our new Borrow feature by popular customer demand,” said Bill Barhydt, Founder and CEO of Abra. “By allowing people to borrow US dollars against their digital assets users can immediately tap into their crypto price gains without selling their crypto or forgoing future price gains.”
Abra helps customers save steps by automatically allowing them to convert their dollars into stablecoins via the app, a time-consuming process they would otherwise have to do on their own. Abra allows ACH transfers, bank wire transfers, crypto deposits, and Visa or Mastercard; and there are no limits on bank wire transfers, meaning customers can deposit crypto into cash on the same day in large amounts.
Abra attracts crypto exchange users looking to move to a simpler experience and gain more returns or borrow against their crypto holdings. For existing crypto owners, there is no credit approval required to borrow. Streamlining the borrow process via Abra Borrow benefits retail investors, allowing them to move quickly, borrow against their crypto earnings and reap the gains without incurring tax obligations.
Abra is a full-service digital asset app with seamless fiat-to-crypto features. Launched in 2017, Abra is backed by premier investors including American Express Ventures, Foxconn, First Round Capital, Arbor Ventures, Jungle Ventures, Lehrer Hippeau Ventures and RRE Ventures .
Abra is a financial services and technology company that operates an all-in-one, custodial cryptocurrency wallet and exchange. Abra is the world’s first global investment app that makes cryptocurrency investing simple. Abra’s easy-to-use app provides users with unprecedented access to hundreds of cryptocurrencies, offering the freedom to buy, sell, trade, earn and borrow anywhere, anytime. Founded in 2015 with global headquarters in San Francisco, Abra is available in more than 150 countries. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, DCG and many others. For more information, visit https://www.abra.com/
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