Popular cryptocurrency investment app Abra has recently announced it will add five new cryptocurrencies to its platform, meaning its users will be able to invest in 25 cryptocurrencies and over 50 fiat currencies through the company’s app.
The new additions, Monero (XMR), NEO (NEO), Lisk (LSK), Verge (XVG), and NEM (XEM), are set to be added next week. The app notably already features various other altcoins, including Vertcoin, 0x, and Stellar.
Bill Barhydt, the company’s founder and chief executive officer, was quoted as saying:
“By adding the five new cryptocurrencies to the already robust list of coins that Abra supports, we are continuing to offer exposure to assets that have traditionally been difficult to access in a simple and secure way. The demand from our users for additional altcoins has been incredibly high, and our goal is to continue adding more cryptocurrency options and ultimately democratize access to financial services and all asset classes.”
Founded in 2014, Abra has been working on making investing in cryptocurrencies easier. The app reportedly only adds new cryptocurrencies once they pass its analysis, which includes factors such as market liquidity.
Back in March, Barhydt spoke to Business Insider, and revealed he believes institutional investors were about to enter the cryptocurrency markets. Per his words, hedge funds and “high net worth individuals” see the volatility as a huge opportunity, and “all hell will break loose” once the “floodgates are opened.” Barhydt made it clear that once institutional investors enter the cryptocurrency ecosystem, prices will surge. This, he noted, may happen this year.
As covered, institutional investors are indeed entering the space this year. Last month the likes of Soros Fund Management took an interest in the cryptocurrency market, and Venrock – the venture capital arm of the famous Rockefeller Foundation – partnered with cryptocurrency investment startup CoinFund.