Daily Litecoin News Update
“Abra” lets you store, transfer, and invest in Litecoin securely, is compatible with a major credit card company, and allows you to buy and sell 20 other cryptocurrencies and 50 other fiat currencies, all of it with the ease of one simple smartphone application. Now that is a true game-changer for Litecoin, not a run-of-the-mill payment processor like “LitePay.”
In a successful “Ask Me Anything” (AMA) session conducted on Reddit yesterday, the CEO of Abra Global Bill Barhydt highlighted reasons that underscore why Abra may become a major pivotal force for LTC prices. Now that we’re learning more and more about this application, it’s becoming crystal clear why Litecoin founder Charlie Lee called it a “huge unexpected surprise.”
Mind you, most LTC HODLers were initially unhappy with, what they thought, was an underwhelming surprise. A smartphone application? What’s so fancy about it? Well, a lot of things, as we’re finding out now.
Chart courtesy of TradingView.com
For those who are new to Abra, it is a clean and simple smartphone application built on Litecoin’s blockchain, which will give its users an incentive to transact in Litecoin, thus driving Litecoin’s adoption.
But there’s a whole lot more to expect from it as the CEO divulges information on his gameplan.
“Our vision is to build a non custodial crypto bank that democratizes access to financial services for every consumer on the planet: 1. investment access (starting with crypto/fiat contracts but eventually including other asset classes like stocks, bonds, commodities); 2. payments and money transfer (you can do some of this with Abra today) 3. credit services (I’ve talked about this publicly vis a vis our recent Foxcon investment) where my favorite example is hardware as a service using Abra’s smart contracts to facilitate payments.”
Here are a few more things we know about Abra following Barhydt’s AMA. (Source: “Abra AMA with CEO Bill Barhydt starting now (3PM EST),” Reddit, April 3, 2018.)
- Abra is the only merchant on AMEX’s platform that currently allows buying and selling with Bitcoin (and soon Litecoin).
- Abra’s user base doubled in the most recent month, making it its best month so far in its brief history since its launch. At the pace it is growing, it may soon be in the same league as major exchanges like U.S.-based Coinbase, as users turn away from the more complex, centralized, and less secure exchanges.
- Abra is working on adding additional credit cards, including “Visa” and “Mastercard.”
- Also in the works is a partnership with SEPA (Single Euro Payments Area) where investors in the European nations may soon be able to open Abra accounts linked with their banks, just like American and Filipino users.
The reason for Abra’s choice of Litecoin was obvious. Litecoin is the only Bitcoin baby that is genetically a clone of its parent and yet is more scalable and more cost-efficient.
The rationale for initially launching Abra on Bitcoin was probably to achieve deeper market penetration. After all, more people hold BTC then LTC. But the eventual shift to Litecoin’s platform (which is expected to take place in the coming weeks) should drive significant LTC adoption.
The Abra CEO’s successful Reddit AMA session has revealed quite a few new things about this game-changing Litecoin application. As investors begin to see its real potential, they’ll hopefully forget the LitePay debacle and identify LTC for its true value, which coincides with our bullish Litecoin price prediction with an LTC price target of $400.00.