Litecoin-friendly Crypto trading platform Abra announced it is “in the process of” establishing a US-based state-chartered bank allowing clients to gain access to various crypto services.
In an announcement on Monday, Abra said the bank, called Abra Bank, would be cleared to operate within the US, giving customers the ability to use assets in similar fashion to traditional fiat banks. Such services include staking and yield-services, and form part of a larger plan to launch Abra International (the international arm for business outside the US).
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The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency, said Abra.
We have some BIG news. Today we’re announcing the formation of Abra Bank and the launch of Abra Boost, Abra’s new staking and yield offering. 🏦
Lots to unpack… /🧵https://t.co/eQMFS5mKmT
— Bill Barhydt (@billbarhydt) September 12, 2022
Both ventures were anticipated to launch in 2023 and 2022, respectively. Abra revealed both institutions would work to ensure regulatory and legal compliance, providing “on-ramps, off-ramps, and transactional services” for cryptocurrencies. Founder and CEO Bill Barhydt added on Twitter that the US-based bank planned to include services for nonfungible tokens and custody, launching no later than the first quarter of 2023.
In September 2021, Abra raised $55 million in a funding round led by Amex Ventures and others to grow its product offerings in wealth management.
The company reported that it had $1.5 billion in assets under management at press time.
Accelerating crypto adoption
Earlier in June, an intelligence report by mining firm Blockware used its prediction model which found that Bitcoin network growth will reach its saturation point faster than other disruptive technologies.
Results were based on the ‘Cumulative Sum of Net Entities Growth’ and Bitcoin’s predicted “that global Bitcoin adoption will break past 10% in the year 2030“.
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