Abra Global’s CEO, Bill Barhydt, earlier this year stated that the company was choosing the Litecoin (LTC) network for its smart contract investing solutions that will soon be available to users of the Abra App. Mr. Barhydt would explain this decision via Reddit when he was quoted as saying:
“We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short-term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short-term benefit as mining fees would likely skyrocket if we’re successful anyway!”
Abra would then go ahead and support Litecoin (LTC) withdrawals and deposits on the app on the 21st of May. The mobile app now supports a total of 25 cryptocurrencies with more on the way.
The firm has also announced that you can now buy Bitcoin (BTC) using your Visa and Mastercard on the platform. The service supports both credit and debit card purchases from anywhere in the world at abra.com or via the Abra App. The new service on the platform has been made possible through Abra partnering with Simplex and has the following advantages.
- BTC purchases can range from $50 to $20,000 at a time.
- Buyers can direct their new BTC to any supported wallet, or set up a new wallet with Abra, which enables investing access to 24 altcoins and 50 fiat currencies.
- The BTC is usually available within 20 to 30 minutes, depending on blockchain processing times.
It is with this new development of Bitcoin purchases via Visa and Mastercard and the previous preference by Abra to use the Litecoin network for its smart contract investing solutions, that we can conclude it is only a matter of time before users can purchase LTC directly on the Abra platform using similar methods. The Litecoin network is poised at becoming the backbone of the Abra investing services that will come in the future.
If this LTC service pans out, it will add to the recent good news the Litecoin project and coin has had with the 9.9% purchase of WEB Bank through a mutually benefiting partnership with TokenPay. With Verge (XVG) also being partners with TokenPay, it is only a matter of time before the 3 projects boost each other even in the crypto-markets. Therefore, the current low prices of LTC might not last too long. Some have even predicted that LTC will surpass the $1,000 mark.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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