Cryptocurrency trading platform Abra, a US-based state-chartered bank, says it is “in the works” to allow customers to deposit digital assets.
Abra said in Monday’s announcement that Abra Bank will operate in the U.S. and allow customers to use digital assets in a fiat-like manner at traditional banks. The company plans to launch Abra International, a business focused on digital assets
“The best way to become everyone’s default Web3 wallet and crypto bank is to adopt a global regulatory framework that provides transparency, control, security and agency,” Abra said.
We have big news. Today we announce the launch of Abra Bank and the launch of Abra Boost, Abra’s new stock and product offering.
Lots to solve… /https://t.co/eQMFS5mKmT
— Bill Barhydt (@billbarhydt) September 12, 2022
The two projects are expected to start in 2023 and 2022. Abra announced that both institutions will work with authorities to ensure regulatory and legal compliance. Founder and CEO Bill Barheit added The Twitter-based Bank of America plans to launch no later than the first quarter of 2023 to include tamper-proof tokens and security services.
Related: Collaborating with Abra to provide crypto-backed real estate loans
In September 2021, Abra raised $55 million in a wealth management funding round led by Amex Ventures and others to grow its product offering. The company said it had more than $1.5 billion in assets under management at the time of publication.