Blockchain News

Abra Building Banking Solutions On Blockchain

Abra company us planning to give the world banking services underpinned by Stellar’s blockchain — one of the results of the SDF’s $5 million investment in Abra earlier in 2020.

Abra details upcoming features and capabilities:

“This allows consumers, for example, people who aren’t even familiar with cryptocurrency, to store dollars and earn significant interest on those dollars,” Barhydt said in the meeting, elaborating on the upcoming interest-related featured. He also included availability of the same interest-generating function for crypto holders, as well as staking functionalities.  

It has collaborated with many banks and other entities for global liquidity on the backend of its platform.

Abra expressed plans for work with Stellar’s blockchain.

A recent boom in the blockchain space, decentralized finance, or DeFi, solutions show one current avenue for crypto lending and interest earning potential. “We want to take this to another level, and use the Stellar platform to truly enable traditional banking applications at global scale,” Barhydt said after mentioning current similar offerings in crypto, such as margin trading and crypto lending.

International peer-to-peer as well as trade finance hold as example use cases listed by Barhydt, which the CEO noted as possible thanks to Stellar, blockchain and crypto assets.  

Blockchain in general has garnered significant attention from mainstream giants over the past several years, with companies such as Walmart and Facebook looking into various use cases of their own.

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