Category: Abra CEO
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Abra is a financial services and technology company that produces a consumer peer-to-peer mobile payment service of the same name. Users can withdraw and deposit cash at "Abra Tellers" which can be individuals or businesses. A bank account is not required in order to use Abra in most countries. Abra was founded in in the Silicon Valley by Bill Barhydt, a former software engineer for Goldman Sachs and former director of Netscape.
The company announced in late that it would be taking its service out of beta and launching in the Philippines and the United States. All four entrepreneur advisors on the show were interested in being associated with Abra, but Barhydt chose Gwyneth Paltrow to advise the company.
The company's service, a mobile wallet app and teller network also called "Abra" for Android and iOS mobile devices. Users can deposit, withdraw, and transfer funds using a digital cash wallet stored directly on the device.
Users with bank accounts in certain countries can connect those accounts with their Abra wallet to deposit and withdraw digital cash to the Abra app. All users whether they have a bank account or not can deposit and withdraw digital cash via "Abra Tellers," which are often described as "human ATM machines.
Abra Tellers can be either individuals or businesses e. Abra recommends a fee of 1. Instead, Abra uses Bitcoin and its blockchain technology to store and encrypt cash deposits on the mobile device. The Abra model is entirely non-custodial, meaning neither Abra nor Abra Tellers ever take custody of anyone's funds other than their own.
In other words, everyone in the Abra system always holds their own money. A deposit and withdrawal are a purchase or sale, respectively, of digital cash via a peer to peer swap of paper cash in exchange for digital cash. Because of this, users can transfer funds immediately via a smartphone or tablet. The service is currently available to residents of the United States and the Philippines, but is due to expand globally by the end of From Wikipedia, the free encyclopedia.
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