This week, leading cryptocurrency platform Abra have announced that they will be expanding their support to Ethereum, helping Abra grow and of course, paving a way for Ethereum adoption within Abra users.
Abra allows investors to purchase around 30 cryptocurrencies and 50 FIAT currencies, all within one wallet/app. It’s often cited as one of the easiest ways to buy cryptocurrency, therefore the launch of Ethereum within the app is sue to see a huge surge in Ethereum investment.
Ethereum was always available in Abra, right?
Wrong, Ethereum was formerly available as a synthetic asset in Abra; this is unique to the Abra project:
“Abra is unlike any other crypto wallet or exchange currently in existence. At its core, Abra is a decentralized investing platform that uses cryptocurrencies as collateral to create synthetic assets. Abra’s synthetic asset model is the first of its kind and leverages bitcoin and litecoin blockchain-enabled smart contracts to reduce friction for anyone interested in buying, selling, and holding other assets such as alternative cryptocurrencies.”
In essence, within Abra, users had access to a segment of Ethereum, though they could not actually move this Ethereum round, in a sense, users may not have even owned their Ethereum within Abra. Thanks to this new update though, Abra will act like any other Ethereum wallet and will allow users to invest and exchange their Ethereum across multiple platforms. Users will also be able to deposit Ethereum on Abra.
What are the implications of this?
It’s important to consider what this means for other Ethereum based tokens. As you know, Ethereum is a network that allows other tokens to be built and exchanged, meaning there are a whole of host tokens that are by design, Ethereum tokens. Abra are set to use the roll of of Ethereum to launch full support for many Ethereum ERC-20 tokens in the future. According to their official announcement:
“One other noteworthy aspect of Ethereum is that it is known for its strong and rapidly growing developer community. These developers are building all kinds of projects ranging from media and gaming companies to ways to protect digital identity and property to futures markets and decentralized exchanges. Now that Abra has enabled native Ethereum support it will be a much more streamlined process to add more ERC20 tokens in the near future, so stay tuned.”