Cryptocurrency services company Abra said in a statement that it is in the process of launching Abra Bank, a US state-registered institution and potentially the crypto industry’s first regulated bank.
Abra Announces Plans To Establish The First Regulated Cryptocurrency Bank In The US
If successful, Abra Bank will allow customers in the US to deposit and withdraw digital assets, while also providing substantial access to the inflows and outflows of fiat currencies.
During the SALT New York conference, Abra CEO Bill Barhydt said:
“Abra Bank will be the first fully regulated depository for cryptocurrencies in the United States.
There are several trusts operating in the US today, but no operational bank.”
Abra also plans to launch Abra International, a fully regulated digital asset business that will offer similar banking services for non-US customers. According to the statement, Abra Bank is expected to be operational in 2023, and Abra International in late 2022.
“In 20 years, the largest banks in the world will be crypto-centric banks,” Barhydt said.
Abra also announced that it will launch “Abra Boost,” a product that allows qualified investors to deposit money and earn interest on digital assets, in October. The company said it will transition customers of its existing lending product, Abra Earn, to new venture Abra Boost.
Abra has been expanding both its individual and corporate services in recent years. In March 2021, Abra’s phone app bitcoin and enabled crypto lending and borrowing functions, allowing them to borrow fiat using crypto collateral.
Last year, Abra raised $55 million to develop new investment, trading and payment offerings for high-equity and corporate clients.
*Not investment advice.
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