BTCNN
BTCNN
BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

Crypto Investment App Launches Service Pegging Facebook Stocks to Bitcoin

Popular mobile cryptocurrency app, Abra, has introduced a new service on its mobile app that allows its users to invest in traditional assets, stocks and exchange traded funds (ETFs) where Bitcoin (BTC) serves as implicit collateral.

Cutting-Edge Innovation

Abra is a popular mobile app that serves as a wallet and a cryptocurrency exchange at the same time for cryptocurrency traders, and has stuck around long enough since 2014. The mobile app which allows its customers to store 25 different digital currencies and 50 fiat currencies all in one place is now offering a new investment service that employs blockchain technology to defy conventional methods based on centralized custody.

Abra has now published a fresh announcement detailing the new products that have been integrated into their mobile App, and leading the crop is Abra’s decision to add 50 investment options to its already impressive list. The new ‘golden’ options that have been added to Abra’s updated application features giant names such as Facebook, Google, and Apple, including other exchange traded funds and indexes. The likes of S&P 500, and Russell 2000 also comfortably make the list of 50.

It don’t matter where Ya Live

Abra’s new service has been carefully designed and created to be open to users in 155 countries of the world. This way, the crypto investment company brings digital currency and the wealth of Silicon Valley into the shores of every individual in the world who is familiar with the word—and the world of—Google Play.

Bill Barhydt, the CEO of the financial services company, talked up the idea and motivation behind the company’s new initiative with Forbes. According to him, the newly added options have been designed to break the barrier of place and location, and push the world of cryptocurrency investment into the global forefront.

“We are building Bitcoin-backed investing products because, for the first time, we can truly democratize access to investment opportunities at global scale,” he told Forbes.

“It shouldn’t matter where you live or how much you earn to be able to make investments and participate in capital markets. We’re excited to allow anyone to start investing in global equity products and take control over their savings.”

The strategy employed by Abra to foster the non-custodian model is based on “crypto-collateralized contracts,” according to Barhydt. The approach is not a strange one as it has been the chosen method in which previous investments between crypto and fiat currencies have been based on, on the Abra app.

Abra’s non-custodian model sees that it does not hold its customers’ assets like some crypto exchanges and even stock exchanges do. Instead, a customer is in sole proprietorship of its own collateral. While customers can be safe in the knowledge that their assets are theirs, Abra’s preferred method, however, requires customers to have unwavering faith in the company’s technology.

On the success of Abra’s new and significant milestone, only time will tell.

Latest articles

‘Only in Crypto’: What the OKEx Mess Says About New and Old Finance

On Friday morning as the OKEx withdrawal-freeze story twisted and turned, CoinDesk's editors had an off-the-cuff discussion about the fundamental realities and unique challenges...

Coinbase Custody’s new token support faces criticism

Earlier today, Coinbase Custody announced that they are looking into adding support for new digital assets. The move to support more coins comes as...

Bitcoin’s Creator vs. Bezos: Satoshi Nakamoto’s Uphill Climb to Surpass the Amazon Founder’s Net Worth

Jeff Bezos is the world’s richest man, but someday if bitcoin crosses a certain valuation then Satoshi Nakamoto will be the wealthiest if he/she...

Bitcoin vs Gold: Which investment favors your portfolio?

I get it. It's always an either-or decision between Bitcoin and gold, as a pure investment play. Since the commodity and the cryptocurrency each...