Abra, the 2nd most downloaded crypto wallet on iPhone which has built-in exchange supporting 25 cryptocurrencies, has announced the opening of a new channel for deposits. All the SEPA (Single Euro Payments Area) residents along with Iceland, Norway, Switzerland, Lichtenstein, Monaco and San Marino, can now transfer euros or their national currencies directly to Abra and start trading or exchanging their crypto.
The deposit process happens as followed: first the user deposits his euros to the Abra platform, then those Euros gets converted to BTC and then the user is free to exchange, trade or manage his funds within the application.
“SEPA standards allow for residents to make cross-border payments through direct debit transactions, among other features,” writes CoinDesk.
This is kind of a game changer for EU citizens, since Coinbase holds the complete monopoly in mobile wallet apps from which you can directly purchase cryptocurrencies. This gives the ability to compare these platforms and decide which suits you best.
“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 … 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 cause the equivalent amount of bitcoin to be added directly to the user’s Abra wallet,” Bill Barhydt told CoinDesk in a special interview.
Also under his twitter thread of the announcement, Barhydt mentioned that it will take a few days before everyone gets to be activated and that this announcement is for SEPA deposits only, but more news are to come.
Will you consider downloading the app and checking it out?