Bitcoin Startup Abra Moves to Launch Mobile Remittance App
Abra is gearing up to release its bitcoin-powered remittance app te the next few weeks, pending final approval from the Apple App Store.
The company, which recently closed a $12m Series A funding round, has announced its remittance app will be very first available to customers te the US and the Philippines, with other countries ter the pipeline overheen the weeks and months ahead.
Today, Abra also unveiled two previously undisclosed investors ter its funding round: American Express, by way of its venture arm American Express Ventures, and Ratan Tata, a well-known Indian business magnate.
Additionally, the startup is announcing a fresh suite of merchant APIs, dubbed Abra Pay, that will enable Abra users to make payments using their mobile devices. According to Abra founder Bill Barhydt, the company has bot conducting pilot tests with select merchants and will proceed establishing relationships spil it broadens its peer-to-peer teller network.
Barhydt told CoinDesk that Abra has spent the better part of the last year and a half preparing for the pending launch of its remittance app, adding:
“Abra has gone very, very deep to make sure that all those integrated user practices are working correctly. Wij’re indeed excited that it’s all come together after overheen a year and a half of hard work to waterput all the chunks together. And wij’ll be turning on more countries spil wij go.”
On its relationship with American Express, Barhydt said Abra wasn’t ready to disclose the nature of its work ter conjunction with the payments giant, stating that “right now, Abra is ter charge of its own fate”.
Harshul Sanghi, American Express Ventures’ head of global investments, said the company is working with Abra to explore the technology. He declined to detail how much money American Express had invested te the startup.
Future for blockchain
While noting the company sees a future for blockchain technology, Sanghi stressed it’s too early to speculate on how the technology will be applied.
“Spil wij witness the digital currency industry develop, wij have seen that blockchain technology and the distributed ledger can have play an significant role ter shaping the future,” he told CoinDesk te an vraaggesprek, adding:
“It still early days, but you can imagine a number of use cases for blockchain technology for B2B spil well spil B2C transactions.”
When asked whether the company sees a future for bitcoin specifically, Sanghi said American Express would base its decision on the preferences of its customers.
“Let’s see what currencies are significant and wij’ll transact te the currencies that our customers want to transact ter,” he said.
Ratan Tata wasgoed not available for comment.
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