The cryptoverse experienced mixed emotions over the past few months, with advancements happening on both ends of the spectrum. Some of the recent highlights included the launch of cryptocurrencies by non-financial institutions and the recent Binance hack.
While most crypto-enthusiasts are focused on finding any new development that will enable finding the Binance hackers, Abra was in the headlines for enabling fiat-to-crypto transactions, in a move that will be a massive push for cryptocurrency investing.
The information came into light after a tweet by Abra CEO Bill Barhydt, which said,
“Want to move some money out of your bank and into crypto? Abra now supports thousands of US banks and credit unions.”
The main goal behind Abra’s latest Plaid integration is to provide a user-friendly platform for making fiat to crypto conversions. Currently, the platform supports conversion between 30 cryptocurrencies and 50 fiat currencies through various options, including bank transfers and credit/debit cards.
In a related media release, Barhydt also mentioned,
“The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat. We’re particularly excited about our partnership with Plaid, which brings thousands of additional financial institutions into the Abra ecosystem for U.S. customers.”
Soon after the news spread, numerous users on Twitter had questions about the platform’s availability outside the US. While the company has not made any official announcement related to further deployments, Abra could hit a rough patch in the near future if crypto adoption stalls.