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Financial Firm Abra Intends to Open a Crypto Dedicated Bank

Financial Firm Abra Intends to Open a Crypto Dedicated Bank

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Abra is taking ambitious steps to launch a crypto bank.

Abra, a financial and technology company that offers cryptocurrency wallet services, plans to open a “US government charter institution” that will operate as a crypto bank called Abra Bank.

By blog post Abra Global shares that when the facility starts up, it “is the first regulated bank in the United States” allows customers to deposit and bank their digital assets in the same way as traditional fiat banks.

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The company emphasized that its goal of becoming the “default Web3 wallet and crypto bank” can only be achieved after comprehensive regulatory frameworks through security, transparency, authority and oversight.

Abra founder and CEO Bill Barhydt took to Twitter to share his excitement about the company’s latest project.

on his Twitter yarnBarhydt emphasized that Abra Bank allows customers to trade, invest, store NFTs, own credit cards and hold crypto. In addition, the CEO stated in his tweet:

Abra plans to be the world’s leading Web 3 and crypto bank. While we believe in the “no keys, no coins” ethos, we understand that consumers and institutions need help with crypto control. Abra Bank is the help!”

Based on CEO’s tweets, Abra Bank will begin operations in the US in the first quarter of 2023.

In the same blog post, the company announced the launch of other services. One of them is Abra International, a digital asset business that provides banking services to customers outside the United States. According to the announcement, Abra International is is expected to start at the end of 2022.

In addition, Abra is launching another product called Abra Boost. A product that is set to see the light of day in October, will allow “qualified investors to deposit and earn interest on their digital assets.” The company states that all Abra Earn users will eventually be migrated to the new platform, Abra Boost.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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