Abra is the first wallet and exchange in the world that supports 20 cryptocurrencies and 50fiat currencies. The exchange team chose to use Litecoin’s Smart Contracts Network as its core of applications protocol against all the other available networks in the market. The CEO of Abra, Bill Barhydt explained briefly the reasons for this choice earlier this month.
AbraGlobal had an AMA session with the Litecoin community on Reddit earlier yesterday where the CEO himself answered most of the questions on the live thread for about an hour clarifying all the doubts and speculations.
According to him, Litecoin was their second asset class, after Bitcoin, for their smart contract investment solution for 3 major reasons:
First and foremost is the commitment to Bitcoin compatibility, core roadmap, p2p support, lightning support, etc.
Secondly, its slightly better scalability than that of Bitcoin in short term.
Lastly, the mining fee that is a short-term benefit would skyrocket if they were to be successful.
He explained that Abra is not another regular trading platform with more options. To the questions raised by people about his strategies to compete with giant platforms like Binance and GDAX he replied “Abra is not a regular trading platform but is meant to be a simple app for retail investors who need exposure to accept assets.” They aim at opening up to different asset classes over time and not just for the top 20 cryptos and fiat but also for stocks, commodities, and others.
Barhydt stated regarding big institutional money:
“I believe that eventually they would come in and that this could cause a huge spike in volume, price, liquidity, etc for the top Cryptos.”
He explains about the road-map to push mainstream adoption with ABRA and states their vision; to build a non-custodial Crypto bank that democratizes access to financial services for every consumer on the plane.