Trading Platform Abra Will Now Lend Fiat Money for Crypto Collateral

California-based cryptocurrency trading app Abra has launched a cryptocurrency lending and borrowing service.

STORY CONTINUES BELOW

Recommended for you:

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.