Abra is expanding its U.S. offerings, adding support for 60 new cryptocurrencies and doubling users' bank deposit limits.
The crypto wallet and investment app provider announced Tuesday that U.S. customers are now able to deposit, withdraw or trade bitcoin SV, DAI and cosmos, among many other crypto assets. Additionally, customer withdrawal and deposit amounts will rise to $4,000 per day, $8,000 per week and $16,000 per month.
The service expansion also adds deposit and withdrawal capabilities for at least four stablecoins, including tether, TrueUSD, paxos and DAI, according to the firm.
In coming weeks, Abra will open up access to the new assets for users outside the U.S. as well. The additions bring the total number of cryptocurrencies on offer to over 200. Unlike most exchange services, Abra allows users to freely exchange all in-app assets without trading pair limitations.
The new options will not include Qtum (QTUM), bitcoin gold (BTG), EOS or OmiseGo (OMG), a spokesperson told CoinDesk. Abra announced earlier this year that its U.S. customers would not be able to hold those particular cryptocurrencies from Aug. 29, due to “regulatory uncertainty and restrictions” in the country.
At the time, the firm also said that residents of New York state could no longer use bank ACH or wire transfers, or American Express cards for deposits and withdrawals after the same date. Other U.S. users can currently fund accounts with AmEx, Visa and Mastercard, as well as bank and wire transfers, and crypto.
Founded in 2014, the San Francisco-based firm has received investments from American Express Ventures, Foxconn Technology Group and First Round Capital.
Founder and CEO of Abra Bill Barhydt image via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.