Abra is a financial services and technology company that produces a consumer peer-to-peer mobile payment service of the same name. The service uses Bitcoin and its underlying blockchain technology to store cash deposits and facilitate cash transfers between any two smartphones. Users can withdraw and deposit cash at "Abra Tellers" which can be individuals or businesses. A bank account is not required in order to use Abra in most countries. The service is currently available via an app on Android and iOS devices in the United States and the Philippines. The company is headquartered in Mountain View, California with an additional office in Manila.
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History
Abra was founded in 2014 in the Silicon Valley by Bill Barhydt, a former software engineer for Goldman Sachs and former director of Netscape. The company and its service plans were officially announced on the last day of the Launch Festival in San Francisco in March 2015. In September 2015, the company received $12 million in Series A funding from an investment group led by RRE Ventures, First Round Capital, and Arbor Ventures with additional participants including American Express and Ratan Tata to bring the total funding to $14 million. The company was also an acquisition target of Singapore-based venture capital firm Jungle Ventures in September of 2015.
The company announced in late 2015 that it would be taking its service out of beta and launching in the Philippines and the United States. In early 2016, the company launched in the Philippines and then launched in the U.S. in June of that year. The company plans to expand globally in the near future. In August 2017, Abra was featured on the show Planet of the Apps. All four entrepreneur advisors on the show were interested in being associated with Abra, but Barhydt chose Gwyneth Paltrow to advise the company.
Maps Abra (company)
Service
The company's service, a mobile wallet app and teller network (also called "Abra") for Android and iOS mobile devices. Users can deposit, withdraw, and transfer funds using a digital cash wallet stored directly on the device. Users with bank accounts in certain countries can connect those accounts with their Abra wallet to deposit and withdraw digital cash to the Abra app. All users (whether they have a bank account or not) can deposit and withdraw digital cash via "Abra Tellers," which are often described as "human ATM machines."
Abra Tellers can be either individuals or businesses (e.g. a convenience store). Each teller can charge a fee, which they set on their own. Abra recommends a fee of 1.5% of the total transaction. For every transaction a user makes with an Abra Teller, Abra itself earns 20% of the teller fee. The company does not ever actually hold the consumer or teller's money unlike other digital payment services (e.g. PayPal).
Instead, Abra uses Bitcoin and its blockchain technology to store and encrypt cash deposits on the mobile device. Using Abra does not require the average user to possess any knowledge of Bitcoin or how it works. The Abra model is entirely non-custodial, meaning neither Abra nor Abra Tellers ever take custody of anyone's funds other than their own. In other words, everyone in the Abra system always holds their own money. A deposit and withdrawal are a purchase or sale, respectively, of digital cash via a peer to peer swap of paper cash in exchange for digital cash. In March of 2017, Abra added the ability to purchase Bitcoin currency directly from its wallet. However, it has also been reported that some consumers were displeased that Abra does not inform users that a verification process will be required after funds have been deposited with Abra.
Because of this, users can transfer funds immediately via a smartphone or tablet. The service is currently available to residents of the United States and the Philippines, but is due to expand globally by the end of 2017.
Recognition and awards
Abra won the "Best Overall Winner" at the Launch Festival in San Francisco in March 2015. The following year, the company received a bronze Innovation Project award in the "Best Cash Innovation" category.
References
External links
- Official website
Source of the article : Wikipedia
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