Home CryptocurrencyBitcoin Abra Announces Plans for US Bank to Back Digital Assets

Abra Announces Plans for US Bank to Back Digital Assets

by SuperiorInvest

Cryptocurrency trading platform Abra said it is “in the process” of establishing a state-owned bank based in the United States to allow clients to deposit digital assets.

In Monday’s announcement, Abra he said a bank called Abra Bank would be regulated to operate in the US and provide customers with an option use digital assets seemingly in the same way as fiat with traditional banks. The company also planned to launch Abra International, a digital asset business based outside the US

“The best way to become everyone’s default Web3 wallet and cryptobank is to adopt a global regulatory framework that ensures transparency, oversight, security and agency,” Abra said.

The two businesses were expected to launch in 2023 and 2022, respectively. Abra announced that the two institutions will work with officials to ensure regulatory and legal compliance and provide cryptocurrency “on-ramps, off-ramps and transaction services.” Founder and CEO Bill Barhydt he added on Twitter, which is based in the US the bank plans to include services for non-fungible tokens and escrow to launch no later than Q1 2023.

Related: Propy partners with Abra to provide cryptocurrency-backed real estate loans

In September 2021 Abra raised $55 million in a funding round led by Amex Ventures and others to expand its portfolio of wealth management products. The company said it had more than $1.5 billion in assets under management at the time of publication.

Source Link

Related Posts

%d bloggers like this: