Abra, the world’s first wallet and exchange to support 20 cryptocurrencies and 50 fiat currencies is a one of its kind exchange platform. The team chose to use Litecoin’s smart contracts network as the core of their applications protocol over all the others in the market. The CEO of Abra, Bill Barhydt had explained briefly about his choice of LTC’s network earlier this month.
AbraGlobal had an AMA session with the Litecoin community on Reddit earlier today where the CEO himself answered most of the questions on the live thread for about an hour clarifying all the doubts and speculations. They also tweeted saying he will follow up on several open questions later tonight.
As an obvious topic to address, Bill explained why he decided to go along with Litecoin and how good his knowledge about the crypto space was before concluding with such a decision.
According to him, Litecoin was their second asset class, after Bitcoin, for their smart contract investment solution for 3 major reasons; First and foremost is the commitment to Bitcoin compatibility, core roadmap, p2sh support, lightning support, etc. Secondly, it has slightly better scalability than BTC in short term. Lastly, mining fee which is a short-term benefit would skyrocket if they were to be successful.
He clarifies the misconception of Abra being just another regular trading platform with more options. People have raised questions about his strategies to compete with giant platforms like Binance and GDAX to which he said that ‘Abra is not a regular trading platform but is meant to be a simple app for retail investors who need exposure to access assets’. Their goal is to open this up to different asset classes over time and not just for the top 20 cryptos and fiat but also for stocks, commodities, and others.
Bill stated regarding big institutional money:
“I believe that eventually they would come in and that this could cause a huge spike in volume, price, liquidity, etc for the top Cryptos.”
He explains about the road-map to push mainstream adoption with ABRA and states their vision; to build a non-custodial Crypto bank that democratizes access to financial services for every consumer on the plane.
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