Abra borrowing and saving products reviewed

Abra borrowing and saving products reviewed

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Mike
Mike

An editor at Coincrop


27 Apr 2022 | 7 min read
50,717 views

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:

Disclaimer: All of the information written on Coin Crop is without influence and based on our analysis. No guarantee is offered concerning the accuracy of this information and therefore, any individual following up on it does as such completely at their own risk. Rates are correct at time of publication.

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

The Abra website

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 assetsReward assetsAPY Rate
Deposit Polkadot

Polkadot (DOT)

Earn Polkadot

Polkadot (DOT)

10.0%

Flexible

Deposit TrueUSD

TrueUSD (TUSD)

Earn TrueUSD

TrueUSD (TUSD)

7.50%

Flexible

Deposit Tether

Tether (USDT)

Earn Tether

Tether (USDT)

7.50%

Flexible

Deposit USD Coin

USD Coin (USDC)

Earn USD Coin

USD Coin (USDC)

7.50%

Flexible

Deposit Paxos Standard

Paxos Standard (PAX)

Earn Paxos Standard

Paxos Standard (PAX)

7.50%

Flexible

Deposit Polygon

Polygon (MATIC)

Earn Polygon

Polygon (MATIC)

6.00%

Flexible

Deposit Terra

Terra (LUNA)

Earn Terra

Terra (LUNA)

3.75%

Flexible

Deposit Cardano

Cardano (ADA)

Earn Cardano

Cardano (ADA)

3.00%

Flexible

Deposit Crypto Perx

Crypto Perx (CPRX)

Earn Crypto Perx

Crypto Perx (CPRX)

3.00%

Flexible

Deposit Ethereum

Ethereum (ETH)

Earn Ethereum

Ethereum (ETH)

2.65%

Flexible

Deposit Stellar

Stellar (XLM)

Earn Stellar

Stellar (XLM)

2.50%

Flexible

Deposit Litecoin

Litecoin (LTC)

Earn Litecoin

Litecoin (LTC)

2.00%

Flexible

Deposit Bitcoin Cash

Bitcoin Cash (BCH)

Earn Bitcoin Cash

Bitcoin Cash (BCH)

2.00%

Flexible

Deposit Bitcoin

Bitcoin (BTC)

Earn Bitcoin

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.

The Abra application

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

Abra is headquartered in Mountain View California.

Yes. A network fee is charged for withdrawing digital assets.

Acceptable forms of identification include driver’s license, government issued ID or passport.

By default, interest is paid in the same currency as the deposit. It is possible to specify earning interest in a different asset.

Abra supports deposits from U.S. and Philippine bank accounts.


Mike

Mike

An editor at Coincrop
View articles

Mike 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.


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