Abra adds credit card payment options

The addition of MasterCard and Visa has extended Abra’s cryptocurrency buying options: Shutterstock

Abra, the mobile-based app for investing in cryptocurrencies, has announced the addition of Visa and Mastercard payment options for purchasing bitcoin on its platform.

In a blog on its website, the financial services and tech company said: “Up until now, Abra users have been able to fund their wallets using a lot of different menthods, including bank and wire transfers or by transferring bitcoin or litecoin purchased elsewhere. Addistionally, users based in the US have been able to make bitcoin credit card purchases using American Express.

“All of those options are still available, but now users will also be able to use a Visa or MasterCard credit or debit card to make bitcoin purchases too, thanks to a new partnership with Simplex.”

A series of enhancements

Abra logo

Abra’s CEO, Bill Barhydt, told Bitcoin Magazine: “Today we have users from over 70 countries, but the majority of these users who are outside the US could only fund their Abra wallet using bitcoin.

“With this launch, we can now offer a simple way for customers globally to use Abra to buy their first bitcoin using any Visa or MasterCard and then start investing in any of the other 24 cryptocurrencies we support today.”

Abra is also offering increased buy limits, faster processing times and improved accessibility. Users who purchase bitcoin with their Visa or MasterCard will be able to buy up to $20,000 worth of bitcoin at a time, against a $2,000 limit placed on bank deposits.

Users will also be able to store purchased bitcoin into any supported wallet. The company says processing times will be shorter, as new bitcoins should be available in digital wallets 30 minutes after purchase.

Abra’s partner, Simplex, is a European Union-licensed fintech company that processes credit card payments and cheques for fraud, using artificial intelligence (AI) technology to detect fraud and prevent illegal Bitcoin transactions. Abra’s latest move follows a number of earlier upgrades in recent months.