Recently, Abra, a fintech company operating an all-in-one cryptocurrency wallet and exchange app, announced native support for the second-largest cryptocurrency by market cap, Ethereum. The official announcement pertaining to this was made on their official website.
This announcement means that users can now buy, sell and hodl Ethereum [ETH] using their Abra wallets. Furthermore, the blog also stated that users can move their coins from other wallets to the mobile application. Prior to adding this support, the coin was listed on Abra as a synthetic asset, allowing users access to only price movement information.
In a YouTube video, Bill Barhydt, Founder and CEO of Abra, stated that this support will enable users to convert their native Ethereum into any other currency available on the Abra app, both fiat and crypto. He also stated that this step allowed Abra to “set the stage” and launch native ERC 20 support. The platform, in particular, is looking forward to add support to a “bunch of stablecoins.”
According to a report by Cryptoninjas, Joseph Lubin, the co-founder of Ethereum and Founder of Consensys, said,
“Hundreds of thousands of technologies and developers around the world are working to build applications and platforms that will bring the potential of Ethereum’s decentralization world to life. And while ether was intended to be the fuel that powers applications on the Ethereum platform”
He further added,
“we are moving into a world where an enormous variety of tokens can start to be used on the payment side of a transaction. We’re thrilled to see the elegant Abra non-custodial wallet natively support ether and Ethereum as another powerful step towards integration amongst various cryptocurrencies, crypto tokens, and state-issued money via banks and credit cards.”
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