A common maxim in the cryptocurrency industry is that there is a lot more to this form of money than just Bitcoin. Although Bitcoin is, and will continue to be, the world’s leading cryptocurrency, companies such as Abra are taking a closer look at alternative currencies. After enabling support for a fair few altcoins, the company has now added Verge, Monero, NEO, NEM, and Lisk support.
Abra Continues to Expand
Positioning oneself as a global digital wallet is not an easy feat by any means. There are a lot of factors to take into account, especially when dealing with cryptocurrencies. For companies such as Abra, things are not looking all that bad in this regard, even though the company acknowledges there is always a demand for more cryptocurrencies. Over time, the firm has added a fair few altcoins to its wallet offering, and that list continues to grow.
The newly added currencies were chosen based on user demand. It is evident that altcoins are becoming increasingly popular, and firms such as Abra are keeping close tabs on the market in this regard. Adding support for Monero was long overdue, as it is the world’s leading privacy and anonymity currency, at least in terms of technology. Abra’s other additions include Verge, NEO, NEM, and Lisk.
Users of the Abra mobile app can now exchange all of these currencies against every other currency supported by the platform, including US dollars, euros, Bitcoin, Zcash, and so forth. It is a very competitive solution which supports trading pairs not to be found anywhere else. Moreover, all of this functionality is offered without additional fees on deposits or trades.
The way things stand now, Abra supports a total of 25 cryptocurrencies. That is a rather impressive number, and the list includes the biggest names in the industry. Some of those names would surprise a lot of people, even though all of the currencies have their merit and will make some sort of an impact on the overall cryptocurrency ecosystem.
Whether or not Abra will add support for other currencies remains a bit unclear. It seems likely they will do so in the long run, as there are a lot of coins, tokens, and assets which all have working projects with global implications. Unfortunately, there are also a fair few projects which do not even have a working livenet at this stage, despite having raised millions of dollars through an ICO or other crowdfunding effort.
It will be interesting to see if the addition of these coins to Abra will affect the market caps of said currencies. All coins have dropped in value from late 2017, but they all appear to be rebounding as we speak. Although the jury is still out on the usefulness of coins such as Verge, it seems a lot of companies see merit in what such projects have to offer. A very interesting future lies ahead for all cryptocurrencies.