Peer-to-peer money transfer app Abra has launched a new Bitcoin-based multi-signature wallet for holding, sending and exchanging between digital assets, starting with ether and 52 conventional currencies as the first supported assets types. The new wallet, currently live for a limited number of users, will be rolled out to all users next week.
The company says its long-term vision is to have “a completely decentralized system for storing, managing and exchanging between digital assets for investing, payments, and money transfer.”Founded in 2014, Abra uses Bitcoin and blockchain technology to allow users to deposit, withdraw and transfer funds using a digital cash wallet stored directly on their smartphones.
Unlike most wallets, Abra does not take custody of consumer funds or private keys in the management and storage of digital assets. The solution uses a “2 of 2” multi-signature model that requires both Abra and the consumer to sign a transaction when the consumer is holding anything but bitcoin.
The bitcoin-based multi-signature wallet allows a consumer to hold fiat currency or ether while Abra ensures that the value of bitcoin the consumer is holding stays fixed to the amount of ether or fiat currency that the consumer wishes to hold.
“We call this a synthetic currency [which is] basically the digital equivalent of hedged gold,” explains Bill Barhydt, founder and CEO of Abra…