- Abra is in the process of establishing Abra Bank in the U.S.
- Co-founder said Abra Bank will be the first operational U.S. state-chartered bank.
- Abra believes that this venture brings them closer to their mission of financial independence and accessibility.
Abra, a cryptocurrency trading platform said that it was in the process of establishing a US-based state-chartered bank that will allow its clients to deposit digital assets.
Bill Barhydt, the co-founder of Abra, took to Twitter and said:
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
Abra announced on Monday that Abra Bank will be regulated to operate in the U.S. It also further mentioned that this bank will function in the same way as a traditional fiat bank but with digital assets.
Furthermore, while Abra Bank will cater to its clients in the US, Abra International, a fully regulated digital asset business will cater to clients outside the U.S. Abra Bank will be launched in 2023. Meanwhile, Abra International will be launched in late 2022.
While commenting on Abra Banks’ functionality, Barhydt said:
Abra Bank will be the first operational US state-chartered bank – a full bank not a trust – in the digital asset space enabling trading, custody, investing, NFTs, credit cards, and more.
Abra believes that the only way to become the default Web3 wallet and crypto for everyone is through embracing a global regulatory framework that provides transparency, oversight, security, and agency.
As a part of the process involved in the establishment of Abra Bank in the US and Abra International outside the US, Abra boost will be launched on October 3, 2022. The Abra boost will enable eligible investors to deposit and earn interest on their digital assets.
Abra wrote on its official website what this venture means to them. As per the blog, it says:
We believe that for Abra, this is a defining moment that brings us closer to our mission to make financial independence and well-being accessible to everyone, everywhere.