Slated for launch in 2023, Abra Bank will be the first US state-chartered institution allowing customers across the country to bank with digital assets.
The bank will also enable customers to access global fiat on and off ramps.
On the other hand, Abra International will function as a regulated digital asset business outside the US. The institution is scheduled to be introduced in late 2022.
The firm, in a statement, said: “We believe that for Abra, this is a defining moment that brings us closer to our mission to make financial independence and well-being accessible to everyone, everywhere.
“Abra believes that the best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency.”
Though all customers of Abra in the US will be transitioned to Abra Bank, they will continue to use the firm’s other offerings including Abra Trade and Abra Borrow.
Likewise, Abra International customers will be eligible for the same offerings subject to regulations and the firm’s terms of service.
As part of the planned launch of the financial institutions, the exchange will also form Abra Boost on 3 October this year.
The new offering will allow institutional investors and individuals to deposit and earn interest on digital assets. Founded in 2014, Abra helps individuals and businesses securely buy, trade and borrow against cryptocurrencies in one place.