Crypto Wallet App Abra Introduces Stock And ETF Investment Feature

Announcements, News | February 7, 2019 By:

Mobile cryptocurrency wallet Abra will be allowing its customers worldwide to invest in traditional stocks, commodities and exchange-traded funds (ETF) from its app.

In an online post, Abra founder and CEO Bill Barhydt announced that Abra users in 155 countries will soon be able to invest in popular US stocks and ETFs using 50 fiat currencies and 30 cryptocurrencies supported by the app.

“We’re going to start with popular US stocks and ETFs and add more global assets in the coming months,” Barhydt said. “Of course, all of the great features for investing in cryptocurrencies and fiat currencies remain fully integrated as well. Having a single app for stocks, cryptocurrencies, fiat currencies and even ETFs is really compelling and something I know I will be using for the rest of my life.”

Initialy, the company will offer 50 new investment assets, including major stocks such as Facebook, Apple, Amazon, Google, Netflix, commodities such as SPDR Gold Trust, ETFs like Vanguard Growth and the S&P 500, and indexes like the Russell 2000 and others.

Abra said that it extended the same crypto collateralized contract (C3) model that they use for these assets to work with traditional assets such as stocks and commodities, claiming that this is a huge breakthrough and a first of its kind application for cryptocurrencies.

“Crypto-collateralized contracts (C3) allow an investor to easily gain investment exposure to any asset, such as a stock, bond, another cryptocurrency, etc., by simply using bitcoin as the underlying technology for the investment,” Barhydt said. “In other words, if you want to invest $1,000 in Apple shares you will place $1,000 worth of bitcoin into a contract. As the price of Apple goes up or down versus the dollar, bitcoin will be added to or subtracted from your contract. When you settle the contract — or sell the Apple investment — the value of the Apple shares will be reflected in bitcoin in your wallet which can easily be converted back to dollars, or any other asset for that matter.”

Users who join Abra’s pre-launch list for this investment functionality will be able to secure a special sign up offer of zero trading fees on all equity products for the rest of 2019.