In an announcement published on its website, Abra confirmed it has started supporting BIT10, a digital currency that was created to track the 10 Large Cap Crypto Index offered by Bitwise Asset Management. Abra users can now purchase the token through the Abra app with a minimum investment of $5.
Each BIT10 token represents the value of 10 coins in the Bitwise index. The positions of the tokens are held in multi-signature smart contracts that are maintained on the blockchains of both BTC and Litecoin. According to Abra, “Once invested, Abra and the user are entering into a smart contract that effectively pegs the asset invested (either fiat currency or cryptocurrency) to the same amount of BIT10 tokens. Abra will get a real-time price feed from Bitwise Asset Management and the BIT10 investor will see the market movement up or down reflected in the price of their BIT10 tokens.”
The index is exclusively available through Abra, which recently introduced native support for Bitcoin BCH. It tracks the 10 highest performing cryptocurrencies, by market capitalization, which now represent around 80% of the capitalization of the entire crypto market.
Bitwise CEO Hunter Horsley said, “Index investing is extremely popular in stocks, bonds, and crypto because it gives investors diversified exposure without having to constantly monitor news and try to predict which assets will be most valuable. So far in the crypto space, index investing has only been available to institutions and accredited investors.”
Since September, Abra’s European users have been able to directly purchase and sell cryptocurrencies, provided they have a European bank account. The users can transfer euros, or one of a small handful of European national currencies, into their wallet and then purchase one of the 28 cryptocurrencies currently supported by the company.
Bill Barhydt, the CEO of Abra, expects big things for cryptocurrency. This past March, he predicted that “all hell will break loose” in the markets by the end of the year. His prediction came following discussions he had held with a number of financial industry players who indicated that they see a significant opportunity in the markets. Barhydt anticipates that they will soon be entering the fray and says, “Once the floodgates are opened, they’re opened.”
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Cryptocurrency wallet app Abra has announced native support for Bitcoin Cash (BCH), allowing users to deposit and withdrawal directly in Bitcoin BCH for the first time.
With accounts numbering into the hundreds of thousands, Abra claims to be the only wallet service in the world where users can buy, sell, store and invest in any of 28 cryptocurrencies. While BCH had been supported before, the launch native support opens up more of the app’s features for users of Bitcoin.
The firm announced the upgrade last Sept. 12, discussed at length in a YouTube interview between Abra founder and CEO Bill Barhydt and Bitcoin.com CEO Roger Ver. The support for BCH was first announced by Abra on Twitter.
We are pleased to announce that now you can deposit and withdraw bitcoin cash on Abra! Watch our CEO @billbarhydt and @rogerkver talk about the announcement and on all things #BCH https://t.co/uR9da3xckK @BITCOlNCASH @BitcoinCashFans. https://t.co/rIpui7DOr6
— Abra (@AbraGlobal) September 12, 2018
In the video, Ver describes how an increasing number of apps like Abra, merchants and other businesses are turning to Bitcoin BCH as their cryptocurrency of choice, primarily because of its speed, reliability and low transaction costs.
Now, with full native support for BCH through their app, Abra is hoping to appeal to the growing number of BCH users looking for a mobile wallet solution for handling their BCH holdings.
The support now enables BCH users to send money to their Abra wallet from any BCH wallet, as well as the on-platform storage and investment functionality.
The Abra wallet is a non-custodial wallet—cryptocurrencies and private keys are held only by the users. It is strictly peer-to-peer and doesn’t use an intermediary to hold, manage or access the funds at any time during the transactions.
Barhydt founded Abra in 2014. It has its headquarters in Mountain View, California, with an additional office in Manila, Philippines. Barhydt was a former software engineer with Goldman Sachs before coming up with the idea of Abra. It received $14 million in seed funding by RRE Ventures, First Round Capital and Arbor Ventures, as well as backing by American Express and Ratan Tata.