As per a recent official announcement made via a blog post, Abra, a Digital currency wallet and exchange, has added Ethereum (ETH) support to its wallet.
This would enable the Abra users to hold, sell, and purchase Ethereum directly from their wallet and also would allow the users to purchase other Abra-listed crypto and fiat currencies by using Ethereum. Abra currently has over 30 crypto assets and 50 fiat currencies listed on its exchange.
Initially, Ethereum was available on the platform as a synthetic asset, which basically only allowed the users to monitor the price movements of the altcoin. With the current change in Abra, users would now be able to directly deposit and withdraw ether to any other crypto wallet. Also, by adding the native Ethereum support, it makes it easy for all the Abra users to buy Ethereum and also to transfer Ether from other wallets to Abra.
Abra CEO, Bill Barhydt, has stated that “Ethereum support sets the stage for Abra to launch native ERC-20 support, in particular, a whole bunch of [ERC20-based] stablecoins, that we’re excited about.”
Ethereum was introduced in 2015 as the Ethereum Virtual Machine. The major focus of Ethereum’s blockchain is to develop such a platform that assists developers in creating successful and efficient decentralized applications.
Ethereum, acting as a base protocol, formed a system for writing and implementing smart contracts provided they meet the prescribed conditions. In return, the smart contract would help to build decentralized applications.
Ethereum’s platform assists the developers to create various projects using standards developed by the Ethereum community, like ERC20, projects such as Augur, Golem, OmiseGo (all of which are also listed on Abra) and thereby assisting the developers by without the need to develop the project from the base point. Due to this the developers are able to use Ethereum as a foundation and are able to develop their own economies and communities.
Also, one of the important elements of Ethereum worth noting is its popularity for its strong and fast-growing developer team who are able to create various kinds of projects that include media companies, gaming companies, ways to safeguard the interest of digital identity, property to futures markets and decentralized exchanges.
The addition of Ethereum into Abra platform would be able to create a more streamlined process to enhance ERC20 tokens in the upcoming period.
The blog post also gave out five advantages to use the Abra wallet for purchasing Ether and stated that
“Five reasons to use an Abra wallet to buy Ethereum
Unlike other investment apps, cryptocurrency exchanges or wallets, Abra is super simple to use, and has loads of unique features:
• Simple and accessible: Abra is available in 155 countries around the globe. All that’s required to set up a unique and secure wallet is an iPhone or Android phone. Abra is an ideal wallet for developers building on Ethereum or Bitcoin as it’s incredibly accessible to the average consumer.
• Decentralized: Abra is based on a non-custodial architecture meaning Abra doesn’t control or have access to users’ funds. Instead, they are secured on the blockchain and accessible only by a user’s unique recovery phrase.
• Crypto-backed: The tech underlying Abra also makes it unique and globally accessible. Most of the assets available to invest via the app are synthetic assets, which are made possible by Abra’s creation of crypto-collateralized contracts (C3). This functionality takes advantage of the programmable aspects of Bitcoin, and makes the underlying investment as secure as the blockchain, and easily tradeable.
• Liquidity: Sending money (in crypto or fiat formats) to another Abra user is super simple. The best part is that you can send one kind of asset and they can receive it as another kind (like send bitcoin and receive euros), across the room, across borders, or across the planet. Abra also makes depositing funds either via bank wire, card or external crypto wallet as easy as a couple of clicks.
• Powerful portfolio: Abra supports over 30 cryptocurrencies and 50 fiat currencies. Additionally, Abra users can gain exposure to the price movements of Ethereum by investing in the BIT10, the world’s first easily accessible crypto index. The index tracks weighted percentages of the top ten cryptocurrencies by market cap. Ethereum, because of its position in the overall cryptocurrency market cap, has historically held a large position by weight in the BIT10 index. “
Since its launch, Ethereum has grown significantly and had attained the second spot in the list of largest cryptocurrency by market cap. At present, 103 million ether are in circulation.