Users would now be able to receive, hold, sell and purchase Ethereum [ETH] directly from the Abra wallet, furthermore using the ‘altcoin‘ as an on-ramp to invest in other different Abra-listed cryptocurrency and fiat currencies, which presently embody over thirty crypto assets and fifty fiat currencies.
These ‘embrace‘ Abra’s recently-listed BIT10 Index token, that tracks the 10 largest cryptocurrencies by market capitalisation.
In line with Abra’s official post, until now, Abra had solely supported Ethereum [ETH] as an alleged ‘synthetic asset‘ – that is an investment mechanism that makes cryptocurrency – collateralized contracts so that users might gain exposure to the altcoin’s worth movements, however not hold the coin itself.
Bill Barhydt – Abra’s chief executive officer gave a brief statement, adding that the newly added support for Ethereum [ETH] is expected to set the stage for Abra to launch native ERC-20 support, specifically a whole bunch of [ERC20-based] ‘stablecoins‘, that we’re excited about.”
Accordingly, Barhydt has recently ‘stated‘ that even as the Abra wallet service gains traction as an investment platform, the corporate- as several other crypto firms, he advised – is however yet to conquer the ecosystem of crypto-currency enabled clients across cross-border payments along with remittance services at scale.
Even last month, Barhydt ‘added‘ that he believes that personal or permissioned – ‘blockchain‘ networks can eventually “fail miserably,” comparing them with the now-defunct idea of the ‘private extranet‘ from 1990’s, that equally restricted access to a licensed set of users.