Crypto wallet and exchange startup Abra announced in a press releasedated September 4, 2018, that it now supports European bank accounts as a new channel for a deposit on its platform.
With this move, residents in the Single Euro Payment Area (SEPA), alongside those in the additional EU member states, are now eligible to use any European bank account to transfer fund to their Abra wallet. Among other perks, this new feature is expected to serve as an additional point of entry into cryptocurrency trading.
Abra touts itself as the world’s “first and only all-in-one cryptocurrency wallet and exchange.” The company’s new service has enabled users in EU member states to add money to their Abra wallet using their existing bank accounts and then use that fund to invest in any token of their choice. Currently, Abra offers 28 cryptocurrencies for trading on its platform.
“With 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,” said Bill Barhydt, founder, and CEO of Abra.
“This new feature is helping to change the way people invest, adding to a brighter future for the cryptocurrency market around the world.”
The Abra CEO also stated that with increasing reach of the company, it is committed to facilitating secure and efficient on-ramps to make it easier for traders to invest in crypto assets. The goal is to always make sure that Abra users do not have to compromise on “ease, efficiency, and effectiveness,” he added.
Adding fund into Abra wallets using a European bank account is even simpler than some of the other existing payment transfer channels. Once a user transfers the fund to Abra, the company will convert the fiat into bitcoin and deposit it in their Abra wallet.
The user can then store the Bitcoin thus received or trade it for any altcoin available on the platform. Alternatively, they will retain the ability to convert the Bitcoin in their Abra wallet back into fiat and then re-deposit it in their linked bank account.
Abra stated in a press release that all European bank transfers will strictly adhere to SEPA guidelines. In addition to Euro, the users in SEPA member states will also be able to deposit their national fiat currencies in their Abra wallets.
The SEPA region comprises 29 countries from the EU member states, as well as four from the European Free Trade Association. These include Austria, Belgium, Italy, Netherlands, Greece, Ireland, France, Sweden, Finland, Norway, and Portugal, among others.
Abra customers in the United States already have the option to add fund to their wallet using bank and wire transfers for a while now.
On a related note, Abra also announced that its wallet service will start accepting bitcoin cash (BCH) deposits “over the next several days.”