The Dawn of Digital Remittances
On January 17 at the North American Bitcoin Conference, Bill Barhydt, the founder and CEO of Abra, unveiled plans for a game-changing global digital cash network. With its launch set for next month, Abra will enable users to send and receive money in over 50 different currencies, altering the landscape of how money moves across borders.
Bye-Bye Fees, Hello Bitcoin
Abra promises something that traditional remittance services have long struggled to deliver: low fees. By utilizing direct Bitcoin support, users can send funds to family and friends overseas without the painful gouging that often accompanies money transfers. Who doesn’t love keeping more cabbage in their wallets?
A Peer-to-Peer Revolution
Imagine a world where you no longer need to get dressed, find a parking spot, and deal with the oddball at the local remittance shop just to send some cash home. Abra offers a peer-to-peer alternative that allows users to handle all transactions from the comfort of their mobile devices, particularly vital for those living in countryside or rural areas.
Paving the Way for Filipinos Abroad
Abra has already established its presence in the bustling remittance market of the Philippines, where ex-pat workers have been facing the trials of expensive and inefficient options to send money back home. With remittances exceeding $500 billion annually, the stakes are high, and Barhydt is on a mission to bring affordable solutions to the table.
The Power of Bitcoin
“Bitcoin is key to these efforts,” Barhydt explained. He stressed how Abra will leverage Bitcoin as a means of speeding up transactions while reducing costs significantly. No one wants to pay an arm and a leg just to send money home, right?
Features That Make Abra Stand Out
Upon its global launch, Abra will feature an entire suite of unique Bitcoin functionalities. Users can expect options for Bitcoin wallets, easy transfers between fiat and Bitcoin, and the opportunity to become an Abra teller, increasing accessibility for traders worldwide.
Support from Big Players
Avalanches of support are pouring in for Abra from notable venture capitalists and financial institutions. A whopping $14 million in Series A funding from Arbor Ventures, RRE Ventures, First Round Capital, and others have catapulted Abra into the forefront of fintech innovation. American Express makes its entrance here, echoing the sentiment of a dire need for affordable and convenient money transfer solutions.
Conclusion: The Future Looks Bright
With optimism dancing in the air, Bill Barhydt envisions a transformative role for Abra in the global bitcoin market. As the clock ticks down to launch, one thing is clear: traditional remittance practices better watch their backs. Abra is about to bring the technology, convenience, and, most importantly, the savings, that the global market has been yearning for.
