Abra, a US based digital currency startup secures an undisclosed amount in funding from Ratan Tata and American Express. The company was founded in 2014 by serial entrepreneur Bill Barhydt, based in Silicon Valley, California.
Abra has also announced its entry into the digital cash-based payment gateway with the introduction of a new mobile app. The app will be available to all registered users in the US and Philippines with more countries to be added soon.
“Tata and American Express have made strategic investments in Abra as part of recently announced Series A round. These are the first investments in the crypto currency world for both American Express and Ratan Tata,” said Abra. [Source]
Crypto currency uses cryptography for security and claims to be difficult to counterfeit—something like Bitcoin, which was launched in 2009.
The Abra app stores digital cash with the ability of cash transfer facilities to other smartphone users with digital wallets using a new network of human ATMs called Abra Tellers.
Abra Tellers are individuals or businesses earning money by buying and selling digital cash to and from any consumer using the app.
The firm has already signed up with several global merchants for the solution. Abra is expected to launch its Merchant API globally during this quarter.