We now support direct #Litecoin deposits and withdrawals! You can now fund your account with LTC from an external wallet and invest in the 25 cryptocurrencies and 50+ fiat currencies on Abra. Please make sure your app is updated to the latest version! https://t.co/6f9CnnJaFP
— Abra (@AbraGlobal) May 21, 2018
In a Reddit AMA last month, Abra CEO Bill Barhydt shared the reasoning behind choosing Litecoin as the replacement of Bitcoin as the primary asset class for the platform’s smart contracts.
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 sky rocket if we’re successful anyway!
For any fiat (e.g., USD, EUR, PHP) or cryptocurrencies other than bitcoin (e.g., ETH, XRP) that Abra supports, the platform provides users with exposure to that currency via smart contracts on Bitcoin or Litecoin. While users aren’t able to hold the actual currencies, the coin-pegged smart contracts enable Abra users to enjoy a wider range of coin offerings in a sleek mobile interface. This works to drastically reduce the complexity of buying and selling altcoins, ideal for the passive or long-term investor.
Last month, Abra announced that it will be adding 5 new altcoins to its platform: NEO (NEO), Verge (XVG), Monero (XMR), NEM (XEM) and Lisk (LSK). With the latest additions, Abra now allows its platform users to buy, sell, hold and invest in 25 cryptocurrencies and 50 fiat currencies. Abra is already available in the United States, and users can enjoy investments in all 25 available cryptocurrencies.