Abra announced to use Litecoin as the primary asset class for their investment platform. Abra makes it quick and easy to invest in the populair cryptoassets like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and many more. There is no need of managing the complexity of multiple wallets.
How does it work?
Abra uses a smart contract-based investment platform that allows the creation of synthetic digital assets (e.g. stablecoins) based on Litecoin or Bitcoin. Stablecoins can be in USD, EUR, et cetera and by using the platform, users can have the exposure to cryptocurrencies without actually holding the physical asset.
The multi-sig contracts (P2SH scripts) on the Litecoin and Bitcoin blockchains simulate investment contracts. Abra is the counterparty and runs the market making operation. Abra handles the counterparty risk.
Why Litecoin as underlying asset?
Litecoin matches Abra’s criteria on security, safety, scalable on-chain and off-chain, and low fees. Although Abra uses Bitcoin which is more secure, the trade off is made: lower fees and more on-chain scaling make Litecoin their choice.
Which cryptoassets are supported?
Abra supports 20 cryptocurrencies and 50 fiat currencies. The new app includes realtime exchange services across 70 currencies. Within the app users can buy, sell and store any of these 70 currencies.
Supported cryptoassets: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Zcash (ZEC), Dogecoin (DOGE), Golem (GNT), OmiseGO (OMG), Qtum (QTUM), Vertcoin (VTC), Stellar Lumens (XLM), Bitcoin Gold (BTG), DigiByte (DGB), Augur (REP), Status (SNT), Stratis (STRAT) and 0x (ZRX).