Earlier today, at SALT New York 2022, Abra announced that we are in the process of forming Abra Bank, a US state-chartered institution, that will serve our customers in the US; and Abra International, a fully regulated digital asset business outside the US, that will serve our customers outside the US.
Abra Bank, when it launches, will be the first regulated bank in the US that will enable our customers in the US to deposit and bank with digital assets, and access global fiat on and off ramps. Abra International, when it launches, will enable the same for our customers outside the US.
Why is Abra planning to launch a bank?
Abra believes that the best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency.
Transparency means that Abra is committed to public disclosures on assets, liabilities, and risk management processes.
Oversight means that Abra will work with global regulators, including US and state banking regulators, to rightsize our compliance and legal oversight to minimize customer disruptions while ensuring adherence to local laws and regulations wherever applicable.
Security means that Abra is committed to ensuring that the protection of customer funds and digital assets are always the top priority for Abra.
Agency means that your assets remain your assets – it’s as simple as that. We believe in the ethos of “not your keys not your crypto,” but we recognize that people and companies need help to manage their digital assets. Abra will provide the on-ramps, off-ramps, and transactional services to make crypto and Web3 work for everyone.
Abra believes that the only way to achieve the above and serve our customers responsibly and sustainably is by operating as regulated entities starting with Abra Bank in the US and Abra International outside the US.
Launching Abra Boost!
As part of the process of forming Abra Bank in the US and Abra International outside the US, Abra will launch Abra Boost on October 3, 2022. Abra Boost is a new product offering that will enable all qualified investors to deposit and earn interest on their digital assets.
In the US, Abra Boost will be available to all institutional investors and individuals who are accredited investors. This requirement will be in effect until Abra Bank launches in the US.
Outside the US, Abra Boost will be available to all individual and institutional investors.
What happens to Abra Earn when Abra Boost launches?
When Abra Boost launches, all qualifying existing customers of Abra Earn, including individual and institutional investors, will be transitioned to Abra Boost. At the same time, Abra Earn will stop accepting new customers or assets. More information about the transition can be found here.
All investors, including individual and institutional investors both in the US and outside the US, who wish to add new assets to Abra to earn interest on them will need to be customers of Abra Boost.
What happens to Abra Trade and Abra Borrow when Abra Boost launches?
You will continue to enjoy Abra Trade and Abra Borrow exactly as you do today – there are absolutely no changes to Abra Trade and Abra Borrow as a result of today’s announcements.
What happens when Abra Bank and Abra International launch?
When Abra Bank launches in 2023, all customers of Abra in the US will be transitioned to Abra Bank and will continue to use Abra Trade, Abra Boost, and Abra Borrow in accordance with all applicable regulations and Abra’s standard terms of service.
When Abra International launches in late 2022, all customers of Abra outside the US will be transitioned to Abra International and will continue to use Abra Trade, Abra Boost, and Abra Borrow in accordance with all applicable regulations and Abra’s standard terms of service.
We believe that for Abra, this is a defining moment that brings us closer to our mission to make financial independence and well-being accessible to everyone, everywhere.
Stay tuned for more exciting announcements and updates in the near future.
Got questions? We have compiled a comprehensive list of frequently asked questions here.
The post Abra Announces Abra Bank and Abra Boost appeared first on Abra.
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