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Abra Bitcoin App adds support for 70 Cryptocurrency and Fiat's Stablecoins & # 39;

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Abra Mobile Bitcoin Portfolio unveiled its new trading platform that allows users to invest in 20 cryptocurrencies and fiat 50 currencies in the same application that they use to manage their CTB.

Abra announced Thursday that the latest version of its mobile application now includes support for a total of 70 currencies as a real-time exchange service for all currency pairs. The company says it's the "only all-in-one smartphone app in the world with these capabilities."

The wallet is not private, which means that users retain control of their private keys at all times and do not have to worry about losing their funds if Abra is hacked.

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Source: Abra / Twitter

Now, to be clear, this is an investment application with an integrated Bitcoin portfolio – not a full-fledged cryptocurrency exchange

The only cryptocurrency that can be deposited and removed from the application is Bitcoin (the support for Litecoin and Ethereum should be added soon), and the only fiduciary currencies with this support are the US dollar and the Philippine Piso.

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The other 67 currencies are synthetic "stablecoins" whose values ​​are linked to those of their assets associated with the use of smart contracts and are settled in Bitcoin.

As Abra explains:

"These multi-sig contracts based on P2SH scripts on Litecoin and Bitcoin blockchains simulate investment contracts as a gold ETF is a USD-based contract. In the case of a gold contract, if the value of gold increases, the user receives more than USD, and if the value of gold drops, the l & # 39; 39; user loses the USD. Abra does the same thing but using Litecoin and Bitcoin instead of USD with Abra acting as counterpart (ie the other signatory) to P2SH scripts. "

Abra is able to offer this service because it also manages a market making transaction, which covers the company's counterparty risk in the event that asset values ​​fluctuate dramatically.

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The platform does not charge commission on transactions, but – as with the investment application recently launched by Circle – it generates a slight profit on the gap between the prices of the transactions. purchase and sale.

Abra previously allowed users to use this technology to invest in Ether and a few fiduciary currencies, and claimed to have successfully processed hundreds of millions of dollars in transactions using this system without any interruption of service.

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The application has no geographical restrictions, so it is available to users around the world. However, only users in the United States and the Philippines can deposit and withdraw fiduciary currency from the platform, which can be accomplished using bank transfers or ACH transfers.

US residents may also make deposits using American Express cards – unless their card issuers have prohibited purchases related to cryptocurrency. Meanwhile, Filipino users can make cash deposits at Abra Tellers.

Image from Shutterstock to photo

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