Abra launches Abra Borrow, a cryptocurrency lending & borrowing service
By Pavithra R
Abra, a fully compliant platform for buying, selling, and trading of over 100 cryptocurrencies and earning interest of up to 10% on select digital assets has announced the launch of Abra Borrow, a cryptocurrency lending and borrowing service.
Abra users will now be able to access the Borrow feature on it’s Mobile App globally and in 35 U.S. states, with the further rollout in additional states expected shortly.
Expanding upon the company’s current suite of financial services including its interest-earning offering, Abra Borrow is built to meet the growing demand of digital asset investors and “hodlers,” giving them the ability to use crypto as collateral for borrowing fiat against their digital asset holdings. Borrowing and repaying can be easily performed with just a few clicks in it’s mobile app.
“Abra already has a critical mass of over 1,000,000 users, and we’re excited to roll out our new Borrow feature by popular customer demand. By allowing people to borrow US dollars against their digital assets users can immediately tap into their crypto price gains without selling their crypto or forgoing future price gains,” said Bill Barhydt, Founder and CEO of Abra.
Abra attracts crypto exchange users to move to a simpler experience and gain more returns or borrow against their crypto holdings. For existing crypto owners, there is no credit approval required to borrow. Streamlining the borrow process via Abra Borrow benefits retail investors, allowing them to borrow against their crypto earnings and reap the gains without incurring tax obligations.
Abra is on a mission to create a simple and honest crypto bank to enable millions of crypto holders to maximize the potential of their crypto assets. Launched in 2017, the firm is backed by premier investors including American Express Ventures, Foxconn, First Round Capital, Arbor Ventures, Jungle Ventures, Lehrer Hippeau Ventures and RRE Ventures.