Abra to Roll Out Financial Solutions on Stellar Blockchain
Abra, which offers namesake wallet and app for buying and storing cryptos, intends to offer banking related services across the globe by creating apps based on Stellar’s blockchain, one of the outcomes of the $5 million investment made by SDF in Abra earlier this year.
Bill Barhydt, CEO of Abra, revealed at the second-quarter meeting of SDF, conducted online, that the company will concentrate on forthcoming banking services kind of features, which is currently being worked.
Specifically, Barhydt pointed out that a product with interest-earning feature can be expected to be rolled out in the weeks ahead.
During discussion, Barhydt said “This allows consumers, for example, people who aren’t even familiar with cryptocurrency, to store dollars and earn significant interest on those dollars.”
He further detailed on the product carrying interest earning feature. He pointed out that cryptocurrency holders will also carry interest earning feature, in addition to staking characteristics.
Usually, Abra partners with several banks, cryptocurrency exchanges and other organizations for maintaining liquidity on its platform, in addition to retail participants.
That will ensure the app to be feasible for real-world use, according to Barhydt.
Barhydt further revealed that Abra is working with a “a very sophisticated lending system.”
Earlier in May, SDF invested $5 million in Abra, which the company intends to utilize for working with Stellar blockchain.
Furthermore, during July 15 meeting, Barhydt stated “For us to take this to another level, Abra is building an entirely new part of our business in order to facilitate the movement of funds globally, in real time, using the Stellar network. What that will enable for us, is all forms of global lending.”
The exponential growth of blockchain sector and decentralized finance (DeFi) has paved way for a plethora of cryptocurrency lending and interest earning opportunities. Barhydt is interest in capitalizing on the demand:
Pointing to comparable offerings such as margin trading and crypto lending Barhydt said, “We want to take this to another level, and use the Stellar platform to truly enable traditional banking applications at global scale.”
Barydt highlighted global P2P (peer-to-peer) loans and also trade funding as some of the likely real-world use cases using Stellar blockchain. With impressive growth, blockchain continues to draw considerable attention from mainstream companies such as Facebook and Walmart, who are developing tailor made applications to suit their businesses.