Crypto wallet and exchange startup Abra is opening up a new channel for deposits: European bank accounts.
Residents in the Single Euro Payments Area (SEPA), as well as additional nations in the European Union, can now transfer euros or other national currencies directly to Abra, which in turn deposits bitcoin into users’ digital wallets.
Customers can then convert their BTC into one of a number of other cryptocurrencies currently available through the app, the list of which, as of today, now includes ADA, BAT and TRX on top of the 25 coins already listed.
SEPA standards allow for residents in any country in the European Union, along with Iceland, Norway, Switzerland, Lichtenstein, Monaco and San Marino, to make cross-border payments through direct debit transactions, among other features.
The company is working with crypto payments processor Coinify to add support for European banks, CEO Bill Barhydt told CoinDesk.
“Abra works with regulated exchange partners in different territories who take our customer’s personal identifying information and process deposits, withdrawals and bitcoin purchases. Abra is working with Coinify as our first partner in Europe to enable European bank integration via SEPA … Users in Europe now have the option of doing a SEPA bank transfer from their European bank account directly to Abra’s exchange partner which will cause the equivalent amount of bitcoin to be added directly to the user’s Abra wallet.”
Prior to this move, customers could fund their wallets using bank or wire transfers within the U.S., or purchase cryptocurrencies with American Express, Visa and Mastercard debit or credit cards.
On top of giving access to SEPA account-holders, Abra is adding support for bitcoin cash deposits, according to Barhdt. Previously, customers could fund their wallets using bitcoin or litecoin.