Cryptocurrency Wallet Abra Adds Credit Card Payment Options For Bitcoin Purchasesbr>
Mobile cryptocurrency wallet Abra has teamed with Israel-based bitcoin startup Simplex to allow bitcoin purchases via Visa and Mastercard through its platform.
Abra offers a crypto to crypto exchange and digital wallet in one place. It empowers consumers to buy, store, invest and hold cryptocurrencies and fiat currencies on a single app. It also enables holding both fiat currencies and cryptocurrencies using a combination of bitcoin and Litecoin based smart contracts, which use P2SH scripts. The platform currently supports 24 cryptocurrencies and 50 fiat currencies.
Simplex is an EU licensed financial institution that provides an online processing solution. It enables merchants worldwide to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. The company also operates a secure escrow service for large fiat-to-crypto transactions. Founded in 2014 and initially operating in the crypto ecosystem, Simplex has expanded its services to the e-commerce industry and other verticals.
Abra allows its users to fund their wallets in a number of options, including bank and wire transfer, or transferring bitcoin or Litecoin purchased elsewhere. It also allows US customers to make bitcoin credit card purchases using American Express. The partnership with Simplex will allow Abra to add Visa and Mastercard payment options for buying bitcoin on its platform.
The company said that some of the advantages of the new credit/debit card set up are the buy limits, the time it takes, and the accessibility. Bitcoin purchases when made with a credit card or debit card through Abra can range from $50 to $20,000 at a time. The purchased bitcoin is usually available in 20 to 30 minutes, depending on blockchain processing times. Buyers can direct their bitcoin buys to any supported wallet, or set up a new wallet with Abra.
“Today we have users from over 70 countries, but the majority of these users who are outside the US could only fund their Abra wallet using bitcoin,” said Abra CEO Bill Barhydt. “With this launch, we can now offer a simple way for customers globally to use Abra to buy their first bitcoin using any Visa or Mastercard and then start investing in any of the other 24 cryptocurrencies we support today.”