Abra, a “fully compliant” platform for purchasing, selling, and trading more than 100 digital currencies and earning interest of “up to 10.5%” on “select digital assets,” revealed on Wednesday (June 2, 2021) that Abra Borrow, its in-app feature for using crypto “as collateral to borrow fiat against digital asset holdings,” will offer “an unprecedented 0% interest option on loans against Bitcoin and Ethereum.”
As mentioned in a release from Abra, for the first time ever cryptocurrency holders will be able to borrow against BTC and ETH, and “quickly withdraw TUSD directly into a bank account with no interest fees for up to 10% loan-to-value (LTV).”
Bill Barhydt, Founder and CEO of Abra, stated:
“Offering 0% interest through Abra Borrow lets customers quickly access 10% of their holdings for free while still gaining the benefit of any upside price movement of those holdings. Nothing like this has ever been done before. With more people owning crypto now than ever before, having tools to effectively manage and access gains are essential to a flourishing crypto ecosystem. Abra is fully committed to being a leader in this new and growing space.”
Abra Borrow is “an instantly accessible” personal line of credit for anything such as a typical down payment on a home, college tuition, buying a car, medical bills, or even purchasing more crypto. This feature is available through the Abra Mobile App internationally in most countries and also “in 41 U.S. states, with rollout to additional U.S. states expected in the near future.”
Abra claims it is becoming a “leading” wealth management app as the first to “go to market” with “meaningful” new products and services, such as Abra Borrow, for managing crypto and fiat.
Cryptocurrency exchange users are drawn to Abra Trade’s intuitive user experience, which does not require any prior trading experience, while new non-crypto users are “attracted to the easy on-ramp,” the company claims.
Abra Earn has “consistently offered the highest returns of any crypto service provider with US dollar stablecoin rates currently at 10.5% per annum,” the announcement noted while adding that Abra Borrow now aims to take this to the next level by “making instant free US dollar credit lines available via those crypto holdings.”
Abra is “a full-service digital asset app with seamless fiat-to-crypto features.”
Launched in 2017, Abra is reportedly backed by leading investors such as American Express Ventures, Foxconn, First Round Capital, Arbor Ventures, Jungle Ventures, Lehrer Hippeau Ventures, RRE Ventures, and Ignia.
Abra is a financial services and tech firm that operates an “all-in-one, custodial cryptocurrency wallet and exchange.” Abra provides a global investment app that makes crypto investing simple.
Founded in 2015 with global headquarters in San Francisco, Abra is “available in more than 150 countries.”