Cryptocurrency app Abra has announced that its service will now support Single Euro Payment Area (SEPA) bank accounts, meaning European users of the app will be capable of transferring money directly from their bank accounts into their Abra wallet, which will convert it into cryptocurrency.
This differs from the way the app previously functioned, whereby users had to fund their Abra wallets via wire transfer initiated in the US or with a number of credit cards. Its support of SEPA has now given it legitimate access to the 28 members countries of the EU, as well as the four former members of the European Free Trade Association. All transactions will follow SEPA guidelines, with certain EU member countries also eligible to deposit their national fiat currencies (any currency declared by a country to be legal tender) as well as the euro.
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Bill Barhydt, the founder and CEO of Abra, said of the announcement: "With users from over 70 countries globally, and a greater demand for the ability to invest in cryptocurrencies from any bank account, it is really important to give investors the opportunity to fund their Abra wallet directly from any bank account.
"This new feature is helping to change the way people invest, adding to a brighter future for the cryptocurrency market around the world," he added.
Abra wallets are non-custodial, so the wallet's private keys are held only by the user and 100% peer-to-peer meaning transactions are never held by a middleman. The app stores transferred funds in bitcoin but gives users the option to exchange it for any one of 28 other "altcoins" on the market. They can also convert it back into their currency of choice and re-deposit it in their SEPA bank accounts.
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