Ever since the Abra platform launched, bitcoin users have been quite curious to see how things will play out. Growing such an important money transfer service that relies on human tellers rather than traditional banks is not an easy feat. However, it appears Abra is gaining a lot of success so far, and they even support over 50 US banks for users to send money through. All pieces of the puzzle are falling into place for Abra as we speak.
Abra Is Becoming A Household Name
Although the success of Abra remains a big question for the time being, one cannot deny the company is making big strides these past few months. As of right now, the platform supports over four dozen US banks, both for deposits and withdrawals. That is quite a spectacular number, considering banks are not too keen on bitcoin-related services. Moreover, some states use different regulatory requirements for any service facilitating the transfer of money.
Abra now supports over 50 US banks for deposits and withdrawals. It just keeps getting better and better! https://t.co/3zCuSTk3Dv
— Bill Barhydt (@billbarhydt) April 13, 2017
Abra is a service that provides users with a digital wallet. Moreover, the service specializes in allowing users to send money worldwide in a matter of mere seconds, rather than waiting hours or days. Users can fund their Abra wallet with bitcoin, a bank account, or by using cash through a local Abra Teller. With over 50 US banks supported so far, it will be interesting to see if financial institutions take notice of Abra’s ties with bitcoin in the coming months.
The reason why Abra can provide this quick and convenient service is because they use peer-to-peer technology. There is no middleman involved in the process, which also means the service can comfortably operate on a zero-fee structure for both adding and withdrawing funds from a bank account. However, one does not need a bank account to convert Abra funds back to cash either, as local Tellers can convert the funds on the go.
Among the US banks supported by Abra are some big names. Navy Federal, for example, is one of the many institutions Abra is compatible with. Users are also actively looking to become a Teller, yet it requires a specific license in most US states. Not everyone wants to become a money transmitter just for the sake of processing one or two Abra transactions per week, so to speak.
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