The new options will not include Qtum (QTUM), bitcoin gold (BTG), EOS or OmiseGo (OMG), a spokesperson told CoinDesk. Abra announced earlier this year that its U.S. customers would not be able to hold those particular cryptocurrencies from Aug. 29, due to “regulatory uncertainty and restrictions” in the country.
Abra is expanding its U.S. offerings, adding support for 60 new cryptocurrencies and doubling users’ bank deposit limits.
The crypto wallet and investment app provider announced Tuesday that U.S. customers are now able to deposit, withdraw or trade bitcoin SV, DAI and cosmos, among many other crypto assets. Additionally, customer withdrawal and deposit amounts will rise to $4,000 per day, $8,000 per week and $16,000 per month.
The service expansion also adds deposit and withdrawal capabilities for at least four stablecoins, including tether, TrueUSD, paxos and DAI, according to the firm.
In coming weeks, Abra will open up access to the new assets for users outside the U.S. as well. The additions bring the total number of cryptocurrencies on offer to over 200. Unlike most exchange services, Abra allows users to freely exchange all in-app assets without trading pair limitations.
At the time, the firm also said that residents of New York state could no longer use bank ACH or wire transfers, or American Express cards for deposits and withdrawals after the same date. Other U.S. users can currently fund accounts with AmEx, Visa and Mastercard, as well as bank and wire transfers, and crypto.
Founded in 2014, the San Francisco-based firm has received investments from American Express Ventures, Foxconn Technology Group and First Round Capital.
Investing Platform BnkToTheFuture to Enable Security Token Offerings
BnkToTheFuture, a fundraising platform for fintech and blockchain companies, is gearing up to enable security token offerings (STOs), the company said.
The Hong Kong-based platform will place an undisclosed stake in crypto consultancy firm, Diacle, to build a shared security token advisory and investment service.
BnkToTheFuture anticipates a wave of market interest in the emerging asset class, CEO Simon Dixon told CoinDesk in an interview with CoinDesk.
“We get an average of 45 applications per week from fintech and crypto companies seeking funding. 18 percent of these are now looking at security tokens.”
The investment hub allows qualified investors to participate in equity funding rounds for firms like Coinbase and Kraken, helping to attract traditional investors who are less than totally familiar with digital assets.
“The big challenge for the industry is investors want to invest in security tokens because they offer additional liquidity. But the liquidity is not there yet, as the asset class is very new”, Dixon said.
BnkToTheFuture has an existing network of 87,000 qualified investors. The new service will help issuers stay compliant with securities laws, Dixon said, and will make use of Diacle’s experience with the tokenization process. London-based Diacle will help on-board U.K. investors.
BnkToTheFuture and Diacle also collaborated on the launch of the BnkToTheFuture Token (BFT) and, in 2012, Dixon and Diacle founder Adam Vaziri launched the UK Digital Currency Association to support bitcoin adoption.
The STO market is expanding fast, albeit from a low base. There were two STOs in 2017, 25 in 2018, with 87 projected in 2019, according to Autonomous Research. The total value of the security token market will reach to $2 trillion by 2030, said Chain Partners research.