The Abra smartphone App combines on phone storage of digital cash with person to person cash transfers. Abra uses Bitcoin as the reserve currency. The consumer never has to see Bitcoin nor understand what Bitcoin is, they just see USD, MXP, EUR, etc. Consumers and digital currency exchangers, called Abra Tellers, all use the same Abra app. Senders and recipients of funds can use the Abra App to find Abra Tellers from whom they can exchange paper USD for digital USD – in person.
Think of Abra as Uber for money: We will turn every smartphone in the world into an ATM machine to process digital currency buys and sales for paper cash.
Our app facilitates the discovery of Abra Teller on the ground, provides buyer/seller ratings on Abra Tellers and helps Abra Tellers manage liquidity so that they don’t have to hold onto digital currency if they don’t want to.
The holy grail is to be able to store cash on a smartphone and take it anywhere. I always knew what I had to do in a hyper-connected world.
— Bill Barhydt, Co-founder of Abra