Bitcoin App Abra Adds Support for 70 Cryptocurrency and Fiat ‘Stablecoins’

Mobile Bitcoin wallet Abra has unveiled its new trading platform that lets users invest in 20 cryptocurrencies and 50 fiat currencies in the same app that they use to manage their BTC. Abra announced on Thursday that the latest version of its mobile app now includes support for a total of 70 currencies as a real-time exchange service across all currency pairs. The company says it is the “only all-in-one smartphone app in the world with these capabilities.”

The wallet is non-custodial, meaning that users retain control of their private keys at all times and do not have to worry that they will lose their funds if Abra is hacked. Now, to be clear, this is an investing app with an integrated Bitcoin wallet — not a full-fledged cryptocurrency exchange.
The only cryptocurrency that can be deposited and withdrawn from the app is Bitcoin (support for Litecoin and Ethereum is expected to be added soon), and the only fiat currencies with this support are the US Dollar and Philippine Piso. The other 67 currencies are synthetically-created “stablecoins” whose values are pegged to those of their associated assets using smart contracts and are settled in Bitcoin.

Reference: https://www.ccn.com/bitcoin-app-abra-adds-support-70-cryptocurrency-fiat-stablecoins/

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