Crypto Wallet Abra Opens Door to More European Users

Crypto wallet and exchange startup Abra is opening up a new channel for deposits: European bank accounts.

Residents in the Single Euro Payments Area (SEPA), as well as additional nations in the European Union, can now transfer euros or other national currencies directly to Abra, which in turn deposits bitcoin into users' digital wallets.

Customers can then convert their BTC into one of a number of other cryptocurrencies currently available through the app, the list of which, as of today, now includes ADA, BAT and TRX on top of the 25 coins already listed.

SEPA standards allow for residents in any country in the European Union, along with Iceland, Norway, Switzerland, Lichtenstein, Monaco and San Marino, to make cross-border payments through direct debit transactions, among other features.

The company is working with crypto payments processor Coinify to add support for European banks, CEO Bill Barhydt told CoinDesk.

He explained:

Prior to this move, customers could fund their wallets using bank or wire transfers within the U.S., or purchase cryptocurrencies with American Express, Visa and Mastercard debit or credit cards.

On top of giving access to SEPA account-holders, Abra is adding support for bitcoin cash deposits, according to Barhdt. Previously, customers could fund their wallets using bitcoin or litecoin.

Bitcoin and euros image via Shutterstock