Mobile cryptocurrency wallet Abra announces support for 20 cryptocurrencies. For users in the Philippines, this marks the first time a wallet supports multiple currencies, eliminating the need to go through a foreign crypto exchange.
This article is updated on October 2, 2018.
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In a major announcement, Abra confirms its support for 20 cryptocurrencies and 50 fiat currencies in the app’s new version. Only 13 crypto tokens will be available in the initial launch and the rest will be added in the coming days.
List of Supported Cryptocurrencies in Abra
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold*
- Stellar Lumens*
*denotes tokens that will be added to Abra in the coming days.
Abra did not finish with the crypto announcements. The firm also confirmed adding support for litecoin and ether deposits in the coming days.
How is Abra able to add 20 cryptos in one go?
The answer rests with the company’s smart contract-based investment platform.
If you purchase ether in Abra, you are not holding real ether. What you really own is bitcoin (or litecoin) based on the value of ether.
Abra has developed a unique multi-sig smart contract-based investment platform that allows us to create synthetic digital assets (e.g. stablecoins) based on Litecoin or Bitcoin.
In other words, Abra gives you investment exposure to cryptocurrencies or fiat currencies without actually holding the physical currency.
For more details, check out Abra’s blog post here.
Abra claims this technology allows the app to add additional currencies in the future. Also, this model can be extended to other investment instruments, such as stocks, bonds, and commodities. We are excited on this new Abra technology and look forward to what else it can offer in the future.