Silicon Valley bitcoin startup Abra announced on Thursday that it has raised money from former Tata Group Chairman Ratan Tata and American Express.
What is Abra?
What is Abra?
Abra is a payment app founded in 2014 by entrepreneur Bill Barhydt that allows users to keep cash virtually in any country, in any currency with no bank account required. ‘Crypto currency’ underlies Abra’s technology and is a digital or virtual currency which uses cryptography for security. Another crypto currency is Bitcoin, which was one of the first to capture the world’s notice. Unfortunately it got discredited.
For the past year, Tata has been investing in Indian as well as international startups. Some of these include Ola, Paytm, Snapdeal, Urban Ladder, Bluestone and CarDekho. Tata has become a mentor and investor in at least 12 startups within the past year. This probably points to the fact that crypto currency is being recognized as reputable.
How does Abra Work exactly?
As aforementioned, it allows you to store digital money, send that money to any smart phone and using a network of ‘Abra Tellers’ (people or businesses making money by purchasing and selling digital dash to and from any consumer) via the app.
There will also be new services to support acceptance of digital cash via the Abra app by global online merchants.
The app is currently available on Android and iOS. Abra revealed that the app will soon be available to all registered users in the United States and the Philippines. Abra also revealed that it has begun online virtual cash-based merchant payments.
Harshul Sanghi, managing partner at American Express Ventures, said, “ As people and businesses interact more globally, there’s need for more convenient and affordable ways to move money, and we think the block chain could play an important role in the evolution of money transfer and commerce, especially in emerging markets.”
Chief Executive Officer and founder of Abra also said, “Abra foresees the convergence of payments and money transfer for these consumers into a single, global digital cash network that addresses all of these problems.”