Abra merges money transfer and payments via a digital cash wallet that works globally. Abra seeks to enable the purchase and storage of digital currency directly on the smartphone and there is no bank or other institutional third party involved in managing, storing, sending or accepting funds.
The blockchain payments app Abra has launched in the US, after months of small-scale testing in the Philippines. Synapse enables users to connect bank accounts to the app.
The startup has garnered USD 14m in venture funding to expand to more than 20 markets by 2017. The firm raised USD 12m in a Series A funding round in 2015.
The US market works as the hub from which the startup plans to connect to other markets worldwide, a factor that made it the next logical place for expansion, according to coindesk.com.The announcement coincides with the release of a report by Citi Research that named Abra as one of several startups with business models that should be watched closely by the financial industry, the site continues.
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