Abra started working to establish a digital asset-focused bank.
According to the firm’s announcement, Abra Bank will be a US government-affiliated institution and will also be the first bank regulated for crypto.
Abra Prepares to Build Crypto Bank
The bank project put forward by the company will allow US citizens to deposit money in digital assets and perform banking transactions in a manner similar to traditional banking.
Crypto company Abra plans to make this service global in the future. The company is also considering establishing an international unit for this purpose.
The company’s move is part of an effort to position Abra as the “default (default) web3 wallet and crypto bank.”
The following statements were included in the company’s statement:
“Abra believes that the best way to become the default web3 wallet and crypto bank for everyone is to adopt a global regulatory framework that provides transparency, oversight, security and agency”
The firm said it will work with US state and banking regulators to ensure compliance with laws and regulations.
The Abra Bank project is scheduled to be launched in 2023.
The company currently has $1.5 billion in assets under management and serves over 2 million customers.
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