The mobile application provider Abra has announced the expansion of product functionality by adding the option of investing with Bitcoin and other cryptocurrencies into traditional financial instruments, such as company stocks and exchange traded funds (ETF).
According to the company, the application will be available to residents of 155 countries of the world, and investments in stocks and ETF throughout the year 2019 will not be subject to commissions. The minimum amount of financial investments is set at an exceptionally affordable level of $ 5.
Initially, the Abra app will have 50 assets available for investment, including shares of companies such as Facebook, Apple, Amazon, Google, Netflix, SPDR Gold Trust exchange funds, Vanguard Growth and S & P 500, as well as indexes like Russell 2000.
The application itself is not castodial, that is, it does not store user assets. As the company notes, using the bitcoin blockchain for this purpose, it makes transactions “more secure and private than their counterparts in the centralized databases used by most cryptocurrency exchanges and wallets”.
Besides global access, we also believe that financial products should be simple to use and easy to understand. To meet those goals of easy access, we are continually improving the Abra app experience, and giving users the information (like price charts and asset summaries) to make informed investment decisions.
Abra says that the blockchain capabilities allow any asset that “has a reliable flow of quotations” to be tied to the bitcoin price.