Abra Prepares to Launch a US-Chartered Bank Allowing Crypto Deposits


The California-based cryptocurrency exchange Abra plans to launch two financial institutions, called Abra Bank and Abra International.

The former will provide digital asset services to American customers and businesses, while the latter will expand outside the States.

The company recently revealed that Abra Bank, upon its launch in 2023, will become the first regulated bank in the USA, allowing American-based clients to employ cryptocurrencies and access global fiat on and off ramps. Abra International grants users outside the States the same options.  These organizations will begin operation by the end of 2022.

In a recent announcement, the firm said, “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.”

Assuring members of the public, the exchange stated that the establishment of the financial institutions will comply with necessary regulatory guidelines. It will also ensure maximum security and transparency for its clients.

“Abra believes that the best way to become the default Web 3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency,” the trading venue stated.

Abra will also introduce Abra Boost, a new product, on October 3, 2022. It will allow qualified investors to deposit and earn interest on their cryptocurrencies.

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