What is Abra?
Abra, spearheaded by founder and CEO Bill Barhydt, is poised to redefine the way we send money across borders. This shiny new Bitcoin-based remittance application plans to unveil its global digital cash network next month. If you’ve ever sent money to family or friends overseas, you know the struggle. Abra is here to make that easier—who knew that a little digital currency could change the world?
Say Goodbye to Fee-Filled Transfers
Forget about those hefty fees that come with traditional remittance services. With Abra, you can send and receive money in over 50 currencies, while enjoying low transaction fees. And since it operates on the peer-to-peer principle, using your mobile phone to send money just became a whole lot cooler. No need for those awkward trips to the money transfer outlets in the odd neighborhoods—or worse, having to chat with strangers about your financial affairs!
Targeting the Global Remittance Market
The remittance market is a juggernaut, particularly in places like the Philippines where over $500 billion circulates annually—mostly because hardworking expats are sending money home. Barhydt and his team are bent on turning this titan on its head. With Abra’s innovative platform, users finally have an efficient tool at their disposal to combat the sluggish and pricey traditional services of the past. Why hand over your hard-earned cash to intermediaries when you can send it directly?
Native Bitcoin Features for an Enhanced Experience
Abra’s global launch doesn’t just stop at sending money. It rolls out a smorgasbord of native Bitcoin features, including a Bitcoin wallet, an exchange for converting between Bitcoin and fiat currencies, and even the chance to become an Abra teller! So, if you want to feel like a little bank manager within your own app, Abra has you covered.
The Strong Backing of Major Firms
Abra isn’t just a light-hearted startup; its serious endeavors are backed by heavyweights like Arbor Ventures and American Express. With $14 million raised in funding during its Series A round, they have the capital to shake things up. It’s like the Avengers of venture capital have assembled to create a digital money superhero! Managing partner of American Express Ventures, Harshul Sanghi, believes that Abra could lead the charge for change in remittance. And honestly, can you blame him? Send money like a boss—what’s not to love?
A Little Bit of Optimism Goes a Long Way
Barhydt is bullish about Abra’s prospects, predicting that $30-$40 million in Bitcoin-to-fiat trades occur weekly across over 75 countries. With Abra, holding and trading Bitcoin just made a dazzling transition from complicated to simple. It’s like Moonwalking your way through a crowded dance floor—smooth and efficient. Get ready to rock the remittance world!
