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European Bank Account Holders Can Now Buy and Sell Cryptocurrencies With Their Abra Crypto Wallet

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As well as Coinbase, Blockchain info and Xapo, Abra is another global crypto wallet that boasts of a generous listing of coins on its platform.

Now, the company is set to become one of the most popular wallets and exchange platforms in Europe, according to a press release today from PR Newswire.

According to reports, Abra will now support SEPA bank accounts in Europe to make single Euro payments possible. The company further announced in a tweet that “in-app European bank purchases of Bitcoin and 25 more cryptocurrencies for consumers across 28 countries” have already started.

Abra App changes

Before the announcement, Abra users would fund their wallets through American Express, Visa, Mastercard and wire transfers in the US. With its users in over 70 countries, Abra mostly enjoys popularity in the European market.

Abra is a unique crypto wallet that is completely non-custodial, meaning users keep their own private keys and once the Euros have been moved to the Abra account, crypto is transferred to the user’s wallet. The company boasts of being a stable coin platform that is capable of quickly adding cryptocurrencies to its app.

Three More Cryptocurrencies on the Platform

With 28 cryptocurrencies supported by Abra including Ripple (XRP), Litecoin (LTC) and Ethereum, Abra also announced the inclusion of three more crypto coins; Tron, Basic Attention Token and Cardano.

The company claims to have a rigid analysis that looks at each coin’s liquidity, contract market making as well as other factors prior to listing.

In his effort to explain the move, Bill Barhydt, the CEO and founder of Abra, mentioned: 

Users from over 70 countries globally, and a greater demand for the ability to invest in cryptocurrencies from any bank account, it is really important to give investors the opportunity to fund their Abra wallet directly from any bank account

Future plans

Although the new features will only be applicable to users of Abra in Europe, the company promises to eventually add asset classes for other users outside Europe. In the future, Abra plans to extend its services to bonds, commodities and stocks as more changes come to the Abra app.

As Abra plans to enable more functionality in the European crypto space, it will still have to compete with Coinbase. Although Coinbase is based in the US, it managed to receive an e-money license from the UK Financial Conduct Authority a few months ago.  However, it remains unclear whether Coinbase will be able to use the same License in the EU.

What do you think about the move by Abra? Share your thoughts with us in the comments section.

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