Abra Global has been a strong supporter of the Litecoin (LTC) project ever since its CEO stated that the company would be using Litecoin (LTC) as their primary asset moving forward, for their smart contract investing solutions. Bill Barhydt, Abra’s CEO, had this to say in a Reddit announcement back in April:
‘We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short-term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short-term benefit as mining fees would likely skyrocket if we’re successful anyway!’
Bill also went ahead to outline Abra’s wish to list more coins on its Mobile wallet app and further explained the vision he had for the firm and app.
“Abra is not meant to be a trading platform like binance or gdax. Abra is mean to be a simple app for retail investors to get exposure to hard to access assets. We enable this investment exposure using a synthetic cfd like model based on p2sh multi-sig scripts on the litecoin and bitcoin blockchains. Our goal is to open this up to different asset classes over time, not just the top 20 cryptos and fiat but even stocks, commodities, etc.”
It is with this background that the Abra Global firm has announced that the App now supports direct Litecoin (LTC) deposits and withdrawals. Users can now fund their accounts with LTC from any external wallet and invest in the 25 cryptocurrencies and 50+ fiat currencies on the Abra app. The team also urged the users to upgrade their app before starting LTC deposits and withdrawals.
The team at Abra is also working on expanding the cryptocurrencies listed on the app. To note is the recent addition of 5 other cryptos by the firm. They include Monero (XMR), NEO (NEO), NEM (XEM), Lisk (LSK), and Verge (XVG).
The addition of Litecoin (LTC) comes at a timely period and when the disappointment of the Litepay project has died down in the crypto community. Fans of LTC had been heartbroken when Charlie Lee announced that the project had been canceled due to a lack of ‘due diligence’ by the team and Litecoin foundation.
Current market analysis indicates that Litecoin (LTC) is holding strong in the number 6 position and behind EOS. LTC is currently trading at $134 and down 3% in 24 hours and at the moment of writing this. The Abra listing should be a reason to smile for the LTC fans and Community.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Marco Verch via Flickr