Abra recently made three huge announcements with an official post. The company informed users about forming a US state-chartered financial institution, Abra Bank.
Besides this, Abra is also forming Abra International and Abra Boost to help investors. Abra Bank will be used to serve customers within the US. On the other hand, Abra International is dedicated to serving users outside the US.
Abra Bank will be the first regulated bank that allows users in the nation to deposit and transact with digital assets with access to global fiat on/off ramps. Similarly, Abra International will facilitate these use cases to users outside the country.
According to Abra, adopting a global regulatory framework is the best way to become the leading crypto bank and Web3 wallet. This framework must provide oversight, agency, security, and transparency.
Besides the two financial institutions, Abra will also release a product to help investors deposit and earn interest via digital assets. US-based customers and institutional investors can access Abra Boost only if they’re accredited investors.
The prerequisite will be applicable until Abra Bank’s launch in the US. For users outside the US, the product will be accessible to every institutional or individual investor. After Abra Boost is released, Abra Earn customers will be transferred to the new product.
This will mark the end of Abra Earn accepting new assets or customers. Every investor within or outside the US who wants to add new assets or earn interest on Abra must become a member of Abra Boost.
These developments do not impose any implications on Abra Borrow and Abra Trade use. Abra International is set to be launched before 2022, while Abra Bank is set for 2023. Abra believes these developments will redefine the industry while bringing the company closer to facilitating worldwide financial liberation.
