Abra, a financial services company and crypto trading firm, announced the launch of three new products: Abra Bank, Abra International, and Abra Boost.
Abra Bank will be a U.S. charted bank that’s expected to offer crypto on- and off-ramps to fiat, with Abra International offering the same for clients living outside the U.S.
The third product, Abra Boost, will offer interest-bearing deposits for cryptocurrencies. International customers can begin earning interest on their holdings from October 3. U.S. accredited investors and institutions in the U.S. will have to wait until the launch of Abra Bank in 2023.
It’s unclear how much these deposits will yield, nor which cryptocurrencies will be available. Abra has not yet responded to Decrypt’s request for comment.
The bank’s CEO Bill Barhydt took to Twitter, claiming that Abra will be the “first operational U.S. state chartered bank—a full bank not a trust.” He said the firm will offer trading, asset management, non-fungible tokens...
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