While the firm plans to launch Abra Bank in 2023, Abra International is scheduled for late 2022. Credit: Art Rachen on Unsplash.

American cryptocurrency exchange Abra has confirmed plans to launch Abra Bank and Abra International to serve its customers both in the US and abroad.   

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.