Crypto Wallet And Exchange Abra Adds Support For Ethereum (ETH)

In the latest crypto news, we have the digital currency wallet named Abra, which recently added support for Ethereum and its native token, ETH. As an official blog post on the website published on March 12, users are now able to receive, hold, sell and buy ETH directly from Abra’s wallet – and use the altcoin as a bridge to invest in other Abra-listed crypto and fiat currencies.

There are over 30 cryptocurrencies and more than 50 fiat currencies listed on Abra now, including the recently-listed BIT10 Index token by Abra which tracks the ten largest cryptocurrencies by market capitalization.

As the post outlines, Abra had only supported Ethereum as a so-called “synthetic asset” or an investment mechanism that creates crypto-collateralized contracts so that users could gain exposure to the altcoin and its price movements – without holding the coin itself.
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The CEO of Abra, Bill Barhydt, gave a statement in which he said that the Ethereum support “sets the stage for Abra to launch the native ERC-20 support” and specifically a whole bunch of ERC20-based stablecoins that “everyone is excited about.”

Barhydt has also said that even as the Abra wallet gains traction as another popular investment platform, the company is yet to conquer the crypto sphere by enabling consumer cross-border payments and remittance services at scale.

In February 2019, Barhydt also expressed his beliefs about private – or permissioned – blockchain networks and their potential to “fail miserably” comparing them with the (now-defunct) concept of the private extranet which was popular in the 1990s and in a similar way restricted access to an authorized set of users.