Abra Establishes First U.S. Regulated Digital Asset Bank

Cryptocurrency trading platform Abra said it was “in the process of” establishing a United States-based state-chartered bank allowing clients to deposit digital assets.

Abra claimed the bank, to be called Abra Bank, will be subject to U.S. regulatory oversight and allow consumers to use digital assets in a manner that appears to be analogous to how currency is used at conventional banks. Abra International, a corporation situated outside of the US that focuses on digital assets, was another project the organization had in mind.

“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,”

Abra Bank, when it launches, will be the first regulated bank in the US that will enable our customers in the US to deposit and bank with digital assets, and access global fiat on and off ramps. Abra International, when it launches, will enable the same for our customers outside the US.

It was planned for the two businesses to go public in 2022 and 2023, respectively. In addition to offering “on-ramps, off-ramps, and transactional services” for cryptocurrencies, according to Abra, both institutions will cooperate with authorities to ensure regulatory and legal compliance. On Twitter, the bank’s founder and CEO, Bill Barhydt, also announced that it would offer custody and services for nonfungible tokens when it launches no later than the first quarter of 2023.

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