Monero [XMR] made headlines after becoming one of the first digital assets to obfuscate users’ identities, while also offering secure and faster transactions. The decentralized cryptocurrency recently recorded a value correction, following a botnet attack which was used to mine XMR worth $250,000. The attack resulted in increased competition among existing miners, eventually taking a toll on the ecosystem.
Bill Barhydt, CEO and Founder of Abra, had recently announced an AMA session and tweeted,
“The @AbraGlobal product team is hosting an AMA right now. This is a rare opportunity to go right to the source of Abra wisdom.”
Willie Wang, VP of Product, and Matt Helmer, PM at Abra, highlighted their intention to discuss the latest feature that opens a way for non-U.S. users to invest in stocks and equities using Bitcoin. Further, the company’s CEO, Bill Barhydt, discussed synthetic assets with Douglas Tuman, host of Monero Talk.
It was during this podcast that Barhydt hinted at the expected integration with Abra, a renowned platform for global investments using Bitcoin [BTC]. To expand operations globally, the app-based company kicked off 2019 by starting its fractional investment services through BTCs that are currently available only for non-U.S. customers across 150 countries. Abra’s development team has worked towards building an all-in-one app for money transfers and payment practices such as investing, lending and borrowing.
The crypto-startup worked on decentralized platform using delta neutral business strategy for investments through crypto-coins as a collateral, which can be used for building synthetic assets. Abra team is looking forward to patent this new method as they look at non-fungible property of Bitcoin to be disadvantageous in the offing. Also, it will drive Abra as steward of the cryptocurrency ecosystem and programmable money.
Abra’s CEO said,
“You just put a bunch of bitcoin in the app, you can convert the bitcoin to Monero and then literally press withdraw to an external Monero wallet.”
“Users can now withdraw XMR over Abra to use it as money, send purchases or use it for withdrawal into hardware wallets.”
When one of the Redditors asked Abra about the format of their backup keys and wallet compatibility, the Abra team clarified,
“We use HD deterministic key as master key and derive other keys from that. It is our desire to build a tool to allow our users to extract their key for different native wallets (BTC, LTC, BCH, ETH) that we support. Unfortunately, that work has not made it unto our product roadmap yet.”
Abra’s representatives also clarified that synthetic assets like ETF and stocks were locked in a multi-sig Bitcoin contract, and added,
“Therefore, unless a user has both keys (user’s key AND Abra’s key), you can’t spend it.”
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