Various Bitcoin companies and startups have received significant amounts of funding over the past few years. This seems only normal, as the technology and protocol making up the Bitcoin network can be of great value to people and companies all over the world. Abra is one of the companies seeing a lot of funds flowing in, even though they still don’t have a working prototype of their smartphone app. For some reason, they made it to the Angellist top startup list.
Also read: Bitcoin Price Watch; Here’s What’s on Today
The Story of Abra So Far
When the concept of Abra was first brought to the attention, there was a general excitement for this particular smartphone application. Not only will users be able to store cash on their mobile device, but the app will also enable peer-to-peer cash transfers whenever needed. To make matters even more attractive, Abra uses Bitcoin as the reserve currency, removing any technological or financial entry barriers.
For consumers, the Abra smartphone app will look like most other commercial offerings on mobile devices. Every user has a unique balance, which will be denominated in the fiat currency of their preference. Even though this balance is