Abra is a new exchange startup that is involved in crypto wallets and other cryptocurrencies services. The crypto wallet service provider has now opened up a new channel for users in the European market to deposit funds and other cryptocurrencies. This service will allow users from Single Euro Payments Area (SEPA), as well as additional nations in the European Union to transfer euros or other national currencies directly to Abra. The service will also allow members to deposit bitcoin into user’s digital wallets.
With this, customers of Abra can now easily convert their Bitcoin into different other types of cryptocurrencies currently available through the app.
Some of the cryptos that users can convert to includes ADA, TRX and BAT and other 25 coins already listed.
The new SEPA standards will allow users to conduct business and also to make cross-border payments and other features. Some other nations that can access these services will include Iceland, Switzerland, Norway, Lichtenstein, San Marino and Monaco.
With the collaboration of other crypto payment processor such as Coinify, the company will act as a support for European banks.
Speaking more on this, the CEO Bill Barhydt stated that “Abra works with regulated exchange partners in different territories who take our customer’s personal identifying information and process deposits, withdrawals and bitcoin purchases. Abra is working with Coinify as our first partner in Europe to enable European bank integration via SEPA.”
Before this new development, customers were used to funding their wallets through the use of bank or wire transfers within the U.S., which could be time-consuming.
Other options for purchasing of cryptos were with the use of American Express, Mastercard debit or credit cards and also Visa cards.
Users in Europe now have the option of doing a SEPA bank transfer from their European bank account directly to Abra’s exchange partner which will cost the equivalent amount of bitcoin to be added directly to the user’s Abra wallet.