June 28, 2019 – When Abra globally launched stock investing in its app, it opened an opportunity to people around the world who wanted to purchase US stocks. This week, the cryptocurrency app revealed the numbers as to how users are engaging with its investment product.
In a series of tweets, Abra revealed that in the 154 countries where there are Abra users, 82 of them have active investors. The average investment per user is $49.19 and the average investment per stock (per asset) is $24.65.
Abra surveyed its users and 43% of them said Bitcoin made investing in financial markets more accessible while 35% said they can now afford to invest in stocks thanks to fractional investing. Fractional investing is when a person only purchases a portion of a share. It’s just like how you can buy a fraction of a bitcoin for Php 200 even though 1 bitcoin is Php 580,000 (at the time this is written).
The most popular stock is Tesla $TSLA. On average, users put $71.64 on TSLA vs other stocks within Abra. It is also of no surprise that the top country “going big” on Tesla is South Africa, the hometown of its founder Elon Musk. 5th is the Philippines.
The stock investing feature in Abra is using Bitcoin to provide “exposure” to the stock and its price movements. When a user buys a Tesla stock, they are actually buying an amount in Bitcoin in proportion to the price of the Tesla stock. More about this can be found in this article.
Abra CEO Bill Barhydt said this is a pivotal milestone on “how the industry will view investing and cryptocurrency as the new protocol for money in the future”. When a person invests in stocks in Abra, they can purchase a stock for as low as $5, opening up these opportunities to more people. In addition, because Abra is available to more countries, “it gives an opportunity to more people to diversify and grow their wealth,” said Mr. Barhydt in an interview with Bitcoin Magazine.
Keep in mind that Abra’s app is a non-custodial wallet. You need to take care of your private keys because Abra itself doesn’t have access to your account.
Also, bear in mind that there is a risk in every investment, be it in stocks or crypto. Do your own research. This article is not a piece of investment advice.
This article is first published on BitPinas: Abra Reveals Tesla is The Most Popular Stock Available on Its Crypto Wallet