Cryptocurrency investment app Abra has recently launchd a service that alllows non- U.S.investors to invest in popular stocks, exchange-traded funds (ETFs), and more using bitcoin.
According to a press release shared with CryptoGlobe, investors from 150 countries can now invest in popular stocks like that of Apple and Google using the flagship cryptocurrency, with the minimum investable amount being of $5.
It’s finally here! Abra is offering (non-US users) the ability to #invest in #stocks, #ETFs, and #commodities in over 150 countries. Starting today, investors can use #bitcoin to make fractional investments in stocks and ETFs with $0 trading fees for 2019. https://t.co/QLIJ4QLnVP
— Abra (@AbraGlobal) May 29, 2019
Per the press release, the move is a step in Abra’s “vision to use Bitcoin’s programmable money features to create and democratize new financial products and services” for people throughout the world.
Bill Barhydt, the company’s founder and CEO, claimed that investing in financial markets is a basic tool to build personal wealth, that isn’t widespread outside of the United States due to “issues of access and affordability.” He added:
Abra is addressing this global inequality by allowing more people to have a stake in financial markets. The focus of this launch is to make financial markets of the developed world more accessible and affordable to those in emerging economies.
The feature Abra expanded to 150 countries essentially lets investors use BTC to buy a fraction of a stock or an ETF, in a way allowing them to gain exposure to these assets they way investors can gain exposure to bitcoin by buying a fraction of a coin.
The app reportedly has over 50 stocks and ETFs available, as well as commodities like the SPDR Gold Trust, and indexes like the S&P 500 and the Russell 2000. Investors can use the app to invest in international markets.
As covered, back in October of last year Abra launched a new token that tracks the professionally managed Bitwise 10 Large Cap Crypto Index, called the BIT10.
Abra’s VP of product, Willie Wang, claimed “tens of thousands of investors from around the world signed up for the waitlist to access this revolutionary new product.” He added Abra will keep adding new assets as it gets feedback from users.