By integrating the fintech service Plaid, Abra is now able to let users connect bank accounts through its application’s APIs.
Prior to this feature, clients from the U.S. and EU could only deposit funds in their Abra wallet through bank transfer. The new integration enables users to fund their wallets from within the app via their bank account.
Regarding this new option, Bill Barhydt, CEO of Abra, said:
“The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat.”
Paul Williamson, Plaid’s head of sales, stated:
“Consumers need to be able to invest their money wherever they choose, regardless of where they bank.” He also mentioned that Abra users who use smaller banking institutions will have more investment options due to this new integration.
Abra also mentioned it its announcement that it has added more withdrawal options to support to all of its 30 listed cryptocurrencies. Before this, only bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC) and ether (ETH) could be withdrawn.
The wallet provider believes that the additional withdrawal options will provide users with more options for storing their cryptos, as well as hardware wallets.
Abra’s VP of product, Willie Wang, has also stated that the company is looking to extend crypto deposit support “in the near future”. Another addition will be the possibility of purchasing fractions of traditional investment instruments such as stocks.
Abra announced back in February that through the use of the bitcoin blockchain and smart contracts they will be able to add fractional investments in stocks and funds for trading.
