Abra has launched its latest product: Abra Borrow, a cryptocurrency lending and borrowing service.
The cryptocurrency trading platform, with an offering of more than 100 instruments, has now added a service where lenders are able to earn interest of up to 10 percent on select digital assets.
The Borrow feature is now available on the Abra Mobile App and in 35 U.S. states, with rollout to additional states expected in the near future.
Abra Borrow addresses the increasing demand of today’s digital asset investors and “hodlers” so they can use crypto as collateral for borrowing fiat against their digital asset holdings. Borrowing and repaying are easily done with just a few clicks in Abra’s mobile app.
Bill Barhydt, Founder and CEO of Abra, said: “Abra already has a critical mass of over 1,000,000 users, and we’re excited to roll out our new Borrow feature by popular customer demand. By allowing people to borrow US dollars against their digital assets users can immediately tap into their crypto price gains without selling their crypto or forgoing future price gains.”
Users can automatically convert their dollars into stablecoins via the app and allows ACH transfers, bank wire transfers, crypto deposits, and Visa or Mastercard.
The user-friendly app requires no credit approval to borrow for crypto owners. Users can borrow against their crypto earnings and reap the gains without incurring tax obligations.
Launched in 2017, Abra is backed by American Express Ventures, Foxconn, First Round Capital, Arbor Ventures, Jungle Ventures, Lehrer Hippeau Ventures, and RRE Ventures.