The San Francisco-based Bitcoin investment app Abra has launched a service to users outside the US—allowing users in 155 countries to purchase a variety of assets, including traditional stocks and exchange-traded funds (ETFs), in bitcoin.
This is the first time that cryptocurrency holders have used such services, and Abra has therefore become the first company to offer such options in the United States.
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Abra founder Bill Barhydt said:
“Investing in financial markets is a basic tool for accumulating personal wealth. However, in countries outside the United States, most people in the world do not have the opportunity to invest in financial assets or markets due to investment channels and ability to pay.”
This new business also represents a change in the target audience, and potential investors who were originally excluded from the financial system are now the focus of attention.
Barhydt hinted that he plans to make asset investment popular, and even allow new segments of society to participate.
“Abra is addressing global inequalities and allowing more people to invest in financial markets.”
“The focus of this service is to lower the threshold for emerging economies to enter the financial markets of developed countries.”
Bitcoin is currently available in Abra with more than 50 assets, including Tesla, Uber, Apple, Amazon and Google stocks, as well as gold and oil trust funds.
According to Barhydt, the international appeal of this product is already evident, and Venezuelans use it to invest in more stable assets to replace the country's troubled sovereign currency, Bolivar.
He expects people in Argentina, Turkey and even Sudan to become their main users, because these economies will face more and more difficulties, and their currency is also very unstable.
However, most people who choose to buy cryptocurrencies such as Bitcoin are no longer trusting traditional financial assets. Does Abra's promotion of buying traditional assets in Bitcoin in developing countries really attract a large number of users? Is it a chicken-ribbon function to buy traditional asset stocks with emerging asset cryptocurrencies? What do you think?