On 13th July, Abra announced that the digital wallet application will now allow the use of Visa and MasterCard for Bitcoin [BTC] transactions. The wallet aims to make buying and selling of cryptocurrencies simpler and easily accessible with this move as these are the most commonly used credit/debit cards.
Users can use their MasterCard or Visa to buy Bitcoin on the Abra website or the Abra app. During the time fo their launch, Abra was the world’s first all-in-one cryptocurrency wallet and exchange.
Earlier, users had only three options to perform transactions – bank/wire transfers, transactions using American Express and transferring Bitcoin which was purchased on another platform.
Abra has partnered with Simplex to set up the MasterCard and Visa transactions. Simplex is a European Union licensed Fintech company that processes credit card payments and checks for fraud. Abra believes that using Simplex’s Artificial Intelligence technology can weed out fraudsters and prevent illegal Bitcoin transactions.
According to Abra, buying BTC using a credit/debit card has quite a few advantages which include extended buy limits, faster transaction times and basic access to the cryptocurrency.
Key features of the addition:
- A user can buy Bitcoin at a price range of $50 to $20000 during a single transaction. According to Abra, this would draw more users towards using the application.
- Users can send their Bitcoin from the Abra wallet to any other wallet after the verification has been completed by the user. New users can register on the Abra wallet, which allows them to invest in over 24 coins other than Bitcoin and 50 mainstream fiat currencies.
- Abra assures users that the purchased Bitcoin tokens will be made available to them in 30 minutes depending on the speed of the request processed by the blockchain.
The company has notified users that buying Bitcoin on the wallet is as easy as any other online transaction. The process entails 4 steps:
- Enter the exact amount of Bitcoin that he/she wants to purchase.
- Enter the Bitcoin wallet address
- Enter the credit/debit card information
- The user is asked for a confirmation.
The Twitter post was met with quite a few comments by fans and skeptics alike.
Marc B.Geller, a Twitter user said:
“Great to see more efforts like this to lower the barrier to entry for people new to #bitcoin and other #cryptoassets #blockchain #DLT $BTC @AbraGlobalMarc “
Grimmers, another user commented:
“Well done finally some U.K cards now I can finally move away from the revolut.”
Abra has gained massive popularity among the cryptocurrency users with their slew of upgrades over the past few months. Bill Barhydt, Abra’s CEO was also in the news for slamming economist Nouriel Roubini who had called the concept of Bitcoin ‘utter bullshit’ due to mining centralization and exchange desks being centralized. Bill was quoted as saying:
“He [Nouriel] is really interested in his personal brand as a post-great-recession doomsayer pundit to promote his speaking fees, consulting business and future book sales. I sincerely wish that were not true but I believe it is.”
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