Abra is a game changer for Litecoin. It lets you store, transfer, and invest in Litecoin, as well as being compatible with a major credit card company, and allows you to buy and sell 20 cryptocurrencies and 50 fiat currencies via their smartphone app.
Litecoin investors were initially underwhelmed by what was described as a smartphone app, but the CEO ensures that there is much more to it, explaining;
“Our vision is to build a non custodial crypto bank that democratises access to financial services for every consumer on the planet: 1 investment access (starting with crypto/fiat contracts but eventually including other asset classes like stocks, bonds, commodities); 2 payments and money transfer (you can do some of this with Abra today) 3 credit services (I’ve talked about this publicly vis a vis our recent Foxcon investment) where my favourite example is hardware as a service using Abra’s smart contracts to facilitate payments.”
So, just what is known about Abra so far? It is the only merchant on AMEX’s platform that allows the buying and selling with Bitcoin, it is growing incredibly quickly, with the user base doubling last month; as well as AMEX, it is working on adding other major credit cards, such as Visa and Mastercard.
Abra was initially launched on Bitcoin to reach more people, and Litecoin is the next logical choice – it is the only cryptocurrency baby that is a complete clone of its parent; just slightly better, so there is hope that by Abra shifting to Litecoin platform, more people will begin to adopt the virtual currency.