Ripple (XRP), the 2nd largest cryptocurrency by market cap, just got another step closer to legitimacy.
Abra, a non-custodial crypto wallet and investing app boasting thirty different crypto asset investment options will soon allow investors to purchase US stocks with Ripple (XRP). Replying to a question on Twitter, Abra CEO Bill Barhydt said the company would build an XRP supported investment product. However, he didn’t disclose the exact date when that will happen.
The news comes after barely a day Abra announced that they had introduced a new service that allows their customers to purchase traditional assets like ETFs and shares with Bitcoin (BTC). Some of the options on offer in the initial rollout are tech stocks like Netflix, Google, Facebook, and Amazon. Also, the company shall offer ETFs like Vanguard Growth and the S&P 500; commodities like SPDR Gold Trust, indexes like the Russell 2000. The company also promises to add more global assets in the future. Bill Barhydt:
“Our vision for Abra is to create a single app that serves as the go-to investing app for the globe, This is just our first announcement, over time you will see other services in the banking arena to democratize access to financial service.”
Abra is the first of its kind in the world to allow investors to purchase traditional stocks with cryptocurrency.
The minimal investment amount is the equivalent of $5, while all transactions within this offer are free of charge until the end of the year.
Abra is a non-custodial service
Abra is a secure digital wallet and exchange app for mobile devices. The wallet is decentralized. It is a non-custodial wallet, meaning your private keys aren’t stored by a trusted third party. In other words, Abra does not offer a custody service aimed to protect investors’ holdings of assets. You fully control your money inside of an Abra wallet.