Abra – the world’s first and only all-in-one digital wallet and cryptocurrency exchange – has announced its support for Single Euro Payment Area (SEPA) bank accounts. European customers can now enable direct wire transfers from assorted European banks to purchase any of Abra’s 28 available cryptocurrencies.
What Does Abra Do?
Founded in the year 2014, Abra seeks to provide users with 100 percent privacy and control over their digital finances. The application is non-custodial, which means the wallet’s private keys are never held by anyone other than the actual customer. Abra is completely peer-to-peer and cuts out all middlemen, so customer funds are never touched, managed or even viewed by third parties. Past and present investors in Abra include First Round Capital, Arbor Ventures and RRE Ventures.
“With users from over 70 countries globally, and a greater demand for the ability to invest in cryptocurrencies from any bank account, it is really important to give investors the opportunity to fund their Abra wallets directly from any bank account. This new feature is helping to change the way people invest, adding to a brighter future for the cryptocurrency market around the world.”
Growing the Platform
Abra wallets were initially funded using both wire and bank transfers in the United States. Customers could also purchase cryptocurrencies using either debit or credit cards. The platform’s integration of SEPA will now give several European Union nations the opportunity to deposit either euros or 50 separate national fiat currencies into their Abra wallets for use towards crypto purchases. Among the countries now privy to this service are Cyprus, Austria, Romania, Poland, the Czech Republic, Denmark, Germany and Italy.
Upon transferring fiat currency to their Abra wallets, European customers will see their money instantly transformed into bitcoin, which can then be stored safely and securely in their Abra accounts or traded at any time for one of the platform’s many altcoin offerings.
Abra has also announced that it is adding three more cryptocurrencies – Cardano (ADA), Basic Attention Token (BAT) and Tron (TRX) – to its growing trading system. Abra currently allows users to invest in several major tokens such as bitcoin, Dash, Ethereum, Ethereum Classic, bitcoin cash and Dogecoin among others.
Expand, Expand, Expand!
“As we continue to expand our capabilities, we are constantly looking for efficient and secure on-ramps that will enable our users to easily invest in cryptocurrencies. Ease, efficiency and effectiveness are paramount for us in helping our clients invest.”
Europe Is Getting Serious About Crypto
The cryptocurrency arena in Europe is garnering quite a bit of attention as of late. Bruegel – a Brussels-based think tank – recently stated its belief that Europe can no longer hold out digital currency’s popularity and must move fast to adopt widespread regulation. The organization recently issued a report that acknowledges fear of financial crime such as money laundering and fraud, while also praising cryptocurrencies for their anonymity, low transaction fees and ease of access.
Bruegel is now calling upon the European Union to create a full playbook regarding digital assets, so the public can both understand and use them to their full potential.
Still Got to Be Careful
Meanwhile, a summit amongst EU leaders in countries such as France and Germany will occur later this week in Austria’s capital of Vienna. Though full details are not yet clear, officials are slated to discuss further integration of blockchain technology, while developing warning mechanisms for investors regarding the dangers and uncertainties behind crypto.
Thus far, state governments in Europe have failed to take legitimate actions regarding cryptocurrency trading, thereby leaving decisions in the hands of local regulators. This has provided strong leeway in Europe’s growing cryptocurrency space by allowing digital asset ventures to pick up and move to less stringent regions before regulators can move.