Abra on Wednesday announced that it will soon launch its blockchain-based remittance app in the US and Philippines markets.
The app, which recently raised $14 million in Series A Funding, also discussed its plans to add more countries to its portfolio in coming months. If it is to happen as predicted, Abra will enable millions of people to transfer digital cash more swiftly and accurately than the traditional banking methods.
The remittance company also unveiled the name of its two “secret” investors from the Series A round: renowned multinational finance company American Express and Ratan Tata, the Chairman Emeritus of India’s top tier conglomerate Tata Group. Their addition into a blockchain-powered startup further signified the trust of financial institutions on the Bitcoin technology.
“As people and businesses transact more globally, there’s a need for more convenient and affordable ways to move money, and we think the blockchain could play an important role in the evolution of money transfer and commerce, especially in emerging markets,” said Harshul Sanghi, Managing Partner at American Express.
“We’re pleased to invest in Abra and to learn more and imagine new possibilities for blockchain technology,” he added.
Additionally, Abra also announced its plans to create features and services to support online merchants globally. The company spoke of a PayPal-like API that will allow consumers to pay for merchants’ services just by typing in their phone numbers at checkout.
Bill Barhydt, the CEO and founder of Abra, said that their upcoming API launch will specifically assist billions of people that do not have access to online payments and money transfer services. He added:
“Abra foresees the convergence of payments and money transfer for these consumers into a single, global digital cash network that addresses all of these problems.”
Abra app is currently awaiting approval from the Apple App Store.