Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Blockchain remittance app Abra goes live in US

Abra, a blockchain powered digital wallet, has announced that the Abra smartphone app is available on iPhone and Android in the United States.

The announcement follows Abra’s launch in the Philippines, where consumers use the app to send money to friends and family and buy things online, even if they don’t have a credit card or bank account. In a blog post, CEO Bill Barhydt said that anyone with the Abra app in the US or the Philippines can now send money for free to anyone else with the app by funding their Abra wallet (buying digital cash) with their bank account.

“The U.S. is the largest single source of cross border money transfers in the world, so bringing Abra to the U.S. market is an important step toward realizing our global vision,” said Barhydt.

He explained that an Abra user in the US can add digital cash directly to the Abra app using any major bank account. The US user can then send digital cash to any user in the US or the Philippines simply by typing in the recipient’s phone number. Recipients in both the US and the Philippines can withdraw their digital cash to their bank account: recipients in the Philippines can also withdraw their digital cash for physical cash at an Abra Teller in their neighborhood.

“The same way messaging apps like WhatsApp and Skype have made it easier to communicate with people overseas, Abra will make it just as easy to transact with people around the world”, Barhydt added. “Our vision is to make it possible for the first time to send money instantly and securely between any two smartphones with or without a bank account — regardless of location, currency, or mobile phone operator”.

Founded in 2014, Abra has raised more than $14 million in funding from Arbor Ventures, RRE Ventures and First Round Capital among others. It aims to make money more accessible to consumers by launching a whole new network of Abra tellers that act as “human ATMs,” who are individuals or businesses earning money by buying and selling digital cash to and from any consumer via the Abra App.

Barhydt said that Abra has begun the process of deploying its retail teller network, starting with the Philippines and has pre-registrations for Abra Tellers in over 75 countries.

“Over the coming months, Abra will launch in several additional countries beyond the US and the Philippines. Our goal in this first phase of launching Abra is to get as many “largely banked” countries online as quickly as possible”, he said. “These banked consumers will later have the option of becoming Abra Tellers when we enable that option in their country”.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.