Abra is developing banking services in Stellar’s Blockchain, says Bill Barhydt

 

Abra, the company behind the global exchange application, crypto wallet and trust currency with the same name, plans to provide global banking services backed by the Stellar blockchain, one of the results of the $5 million investment by the Stellar Development Foundation (SDF) in Abra in early 2020.

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During the SDF second quarter digital review meeting on July 15, Abra CEO Bill Barhydt mentioned Abra’s focus on upcoming banking features that the company is developing. In particular, Barhydt highlighted an „ability to generate interest“ that is expected to reach the market in the coming weeks.

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„This allows consumers, for example, people who are not even familiar with crypto currencies, to store dollars and earn significant interest in those dollars,“ Barhydt said at the meeting, explaining the upcoming interest functions. He also included the availability of the same interest-generating function for cryptomoney holders, as well as staking features.

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In general, Abra collaborates with a variety of banks, exchanges and other entities to obtain global liquidity in the backend of its platform, as well as with retail players for application compatibility in real-world use cases, Barhydt explained.

In explaining the bones and structure of Abra’s operation behind the customer-oriented interest generation, Barhydt mentioned working with large institutional players approved in conjunction with his backend, which he described as „a very sophisticated lending system.

Working with Stellar’s blockchain

In May 2020, the SDF gave Abra USD 5 million in funds. In light of the investment, Abra expressed plans to work with Stellar’s blockchain.

„To take this to another level, Abra is developing a completely new part of our business to facilitate the movement of funds globally, in real time, using the Stellar network,“ Barhydt said at the July 15 meeting. „What that will allow us to do is all forms of global lending,“ he added.

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A recent boom in the blockchain space, in decentralized finance or DeFi, shows a current path for crypto-currency loans and the potential for generating interest. „We want to take this to another level and use Stellar’s platform to truly enable traditional banking applications on a global scale,“ Barhydt said after mentioning similar offerings currently in cryptology, such as margin trading and crypt loans.

International peer-to-peer lending, or P2P, as well as trade finance, have examples such as the use cases listed by Barhydt, which the CEO pointed out as possible thanks to Stellar, blockchain and active crypto.

With a growing trend, Bitcoin Loophole in general has attracted significant attention from conventional giants over the past few years, with companies such as Walmart and Facebook seeking several use cases of their own.

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