Abra borrowing and saving products reviewed
A
bra is a cryptocurrency and financial services company that offers trading, earning and borrowing products. The company is headquartered in Mountain View California and was founded in 2014.
In this guide:
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What is Abra?
Abra is a cryptocurrency and financial services company with a earning, lending and trading platform.
The company describes its purpose as:
Abra is on a mission to create a simple and honest platform to enable millions of crypto holders to maximize the potential of their crypto assets. We operate an easy-to-use app that allows users to access interest-earning, buying, selling and trading in cryptocurrencies, in one single place. Our vision is an open, global financial system that is easily accessible to everyone.
The company offers:
- Earning on 14 cryptocurrency assets (including stablecoins)
- Swapping between assets
- Custody on over 120 cryptocurrencies
- Cryptocurrency loans to individuals and institutions
What is the history of Abra?
Abra was established in 2014 by Bill Barhy. Bill had experience as a fixed income analyst for Goldman Sachs and director at Netscape.
Support for 20 new cryptocurrencies was added in March 2018 as the company grew its custody products.
By March 2020, over 120 cryptocurrencies were supported for custody and 10 cryptocurrencies available for earning a yield.
It was during September 2021 that an additional $55m in Series C funding was raised from Blockchain Capital, American Express Ventures, Kingsway Capital and CMT Digital Ventures.
How much can I earn?
Abra only offers flexible term saving products. The following table shows rates you can earn for flexible term deposits:
| Deposit assets | Reward assets | APY Rate |
|---|---|---|
 Polkadot (DOT) | Polkadot (DOT) | 10.0%Flexible |
 TrueUSD (TUSD) | TrueUSD (TUSD) | 7.50%Flexible |
 Tether (USDT) | Tether (USDT) | 7.50%Flexible |
 USD Coin (USDC) | USD Coin (USDC) | 7.50%Flexible |
 Paxos Standard (PAX) | Paxos Standard (PAX) | 7.50%Flexible |
 Polygon (MATIC) | Polygon (MATIC) | 6.00%Flexible |
 Terra (LUNA) | Terra (LUNA) | 3.75%Flexible |
 Cardano (ADA) | Cardano (ADA) | 3.00%Flexible |
 Crypto Perx (CPRX) | Crypto Perx (CPRX) | 3.00%Flexible |
 Ethereum (ETH) | Ethereum (ETH) | 2.65%Flexible |
 Stellar (XLM) | Stellar (XLM) | 2.50%Flexible |
 Litecoin (LTC) | Litecoin (LTC) | 2.00%Flexible |
 Bitcoin Cash (BCH) | Bitcoin Cash (BCH) | 2.00%Flexible |
 Bitcoin (BTC) | Bitcoin (BTC) | 1.75%Flexible |
Can I borrow from Abra?
Abra offers a number of borrowing products:
- Interest rates between 0% and 9.95%
- Loan to value (LTV) between 15% and 50%
- Loan terms between 1 and 3 years
- Collateral of Bitcoin or Ethereum supported
- Loans offered in TUSD, USDC and USDP
Are my assets safe with Abra?
Unusually for a centralised service, the main Abra wallets are non-custodial – i.e. only you have access to your funds. In the event that you lose the private key, your funds would be lost.
Abra is registered with the U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”).
Abra also operates in the Philippines and is registered with the SEC Philippines.
It should be noted that assets stored on Abra are not FDIC insured.
How do I use Abra?
There are two ways that the Abra services can be used:
- Android application
- Apple iOS application
It is not possible to use their services through the web site.
Does Abra support private clients?
Abra provides specialist service for high value private clients such as institutions or family offices. The same products (yield, trading and borrowing) are available to these clients.
How is customer support provided?
Customer support is provided as follows:
- Live chat support at https://www.abra.com/
- Telephone support: +1.877.2GO.ABRA - 6am - 6pm PT (USA)
Abra does not provide support by email.
Are there any referral or affiliate programs?
Abra operates both affiliate and referral schemes.
$5 is paid for each friend referred – this is paid in CPRX token. The Abra affiliate scheme pays $25 for each new user introduced using a unique ID.
Abra FAQs
Mike
An editor at CoincropMike is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
