The renowned firm behind the worldwide cryptocurrency and fiat wallet and exchange app ‘Abra’, plans to offer the international banking services underpinned by Stellar’s blockchain – one among the results of the SDF’s $5 Mln investment in Abra earlier this year.
Within the SDF’s digital 2nd quarter review meeting on 15th July, Abra CEO Bill Barhydt mentioned Abra’s specialise in upcoming banking-type features the company is building out. Especially, Barhydt revealed an “interest-earning capability” expected to hit the market within the coming weeks.
Upcoming Features Of Abra
“This permit users, for instance, people that aren’t even conversant in cryptocurrency, to store dollars and earn significant interest on those dollars,” Barhydt said within the meeting, elaborating on the upcoming interest-related featured. He also outlined availability of an equivalent interest-generating function for crypto holders, also as staking functionalities.
Moreover, Abra collaborates with an array of banks, exchanges and other entities for global liquidity on the backend of its platform, also retail players for applications compatibility in real-world use cases, Barhydt explained.
Explaining the backend structure of Abra’s operation behind the user-facing interest generation, Barhydt revealed working with approved large institutional players in tandem with its backend, which he labeled as “a very sophisticated lending system.”
Abra Plans To Work With Stellar’s Blockchain
Earlier in May this year, the SDF dealt Abra $5 Mln in funding. In light of the investment, Abra expressed plans for work with Stellar’s blockchain.
“For us to push this to a different level, Abra is building a completely new part of our business so as to facilitate the movement of funds globally, in real time, using the Stellar network,” Barhydt said within the earlier 15th July meeting. “What which will enable for us, is all sorts of global lending,” he added.
A recent boom within the blockchain space, decentralized finance, or DeFi, solutions show one present avenue for cryptocurrency lending and interest earning potential. “We want to acquire this to a different level, and use the Stellar platform to really enable the existing traditional banking apps at global scale,” Barhydt said after mentioning current similar offerings in crypto, like margin trading as well as cryptocurrency lending.
Global peer-to-peer, or P2P, loans, along with trade finance hold as example use cases listed by Barhydt, which the CEO outlined as possible, well thanks to Stellar, blockchain and crypto assets.
A growing trend, blockchain generally has garnered significant attention from mainstream giants over the past several years, with companies like Walmart and Facebook looking into various use cases of their own.