Abra’s Bitcoin Remittance App Attracts Thousands of Users

Bitcoin remittance application Abra, which secured a US$12 million Series A funding round from prominent venture capital firms including Arbor Ventures, RRE Ventures and First Round Capital in September 2015, launched its highly anticipated iOS and Android applications on February 5, 2016.

Since then, over 5,000 users and Abra tellers have registered and downloaded the application on Google Play, with users across regions including the U.S., South Korea, Southeast Asia and Africa already signed up to operate as tellers.

In the Abra omni-bank peer-to-peer payment network, ABRA tellers are payment outlets that are in charge of delivering and settling transactions between two parties. Thus, users who have signed up to operate as ABRA tellers in South Korea and the U.S. for example, will receive bitcoins from the sender, convert to fiat, and charge a certain percentage as transaction fee as they deliver the payment to the receiver.

Essentially, the core concept of ABRA is similar to that of traditional remittance networks such as Western Union and MoneyGram. The only difference is, instead of transacting with fiat money, senders use bitcoin to settle the payment. Because of the mobility, high international conversion rate and liquidity of bitcoin, ABRA tellers and the

Read more ... source: TheBitcoinNews

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