Non-custodial crypto wallet Abra turns to escrow mode

Cryptocurrency wallet Abra announced that it will no longer be a non-custodial wallet, and is turning to "custodial mode" to increase transaction speed and introduce new features. Abra has previously been used by US and international users to invest in synthetic assets such as cryptocurrencies, fiat currencies, and stocks, but in the future it will focus on cryptocurrencies hosted locally. The company's chief executive Bill Barhydt said the move allowed Abra to unify its encrypted storage architecture and increase transaction speed. Barhydt said that although some users may prefer the non-custodial model, more than half of the users have withdrawn their cryptocurrencies into hardware wallets for long-term storage.