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Trading Platform Abra Will Now Lend Fiat Money for Crypto Collateral
Abra Borrow will initially be available in 35 U.S. states, as well as globally.
California-based cryptocurrency trading app Abra has launched a cryptocurrency lending and borrowing service.
STORY CONTINUES BELOW
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- Announced Tuesday, users will be able to use their crypto holdings as collateral for loans of fiat currency with the new feature.
- Abra Borrow will initially be available in 35 U.S. states (with more expected soon) as well as globally for the platform's claimed 1 million users.
- Borrowers will be able to "tap into their crypto price gains without selling their crypto or forgoing future price gains," according to CEO Bill Barhydt.
- Rates start at 3.95% APY with loan terms from six to 24 months.
- Abra received a $5 million investment from Stellar Development Foundation (SDF) in May, preceding the platform's integration with the Stellar blockchain.
See also: Fiat-to-Crypto Partnerships Expand Abra’s Footprint to 150+ Countries
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
