Bitcoin payment startup Abra has declared the addition of Visa and Mastercard payment choices for getting bitcoin on its platform. The new payment choice is in partnership with fintech company Simplex, per the company’s blog post.
Up until today, users who needed to buy cryptocurrencies were limited to a few choices that included bank deposits and wire transfers. In addition to those, the company also offers a way of buying altcoins using either bitcoin or litecoin for countries wherever bank wires and deposit options are unavailable.
The addition of Visa and Mastercard debit/credit card options makes it cheaper and quicker to buy cryptocurrencies on the platform. The new payment options are accessible via the website and also the app.
Speaking with Bitcoin Magazine, Abra chief executive officer Bill Barhydt stated, “Today we have users from over seventy countries, but the majority of those users who are outside the U.S. might solely fund their Abra wallet using bitcoin. With this launch, we can currently offer an easy way for customers globally to use Abra to buy their first bitcoin using any Visa or Mastercard and then begin investing in any of the other twenty four cryptocurrencies we support today.”
The new payment choices come with increased purchase limits, quicker processing times and additional accessibility. Users who purchase bitcoin with their Visa or Mastercard can currently be allowed to buy up to $20,000 worth of bitcoin at a time — which is a step above the $2,000 limit placed on bank deposits.
Users will also be able to store purchased bitcoin into any supported wallet. The company says processing time would be shorter, as new bitcoins should be available in digital wallets 30 minutes after purchase.
Abra is one among the few cryptocurrency platforms that hasn't embraced KYC/AML regulations in their entirety. In an email sent to its customers last month, the company said users weren't mandated to provide “any kind of identification" to use its platform. Barhydt has said that Abra is able to avoid "all these complexities" as a result of it doesn’t hold customers’ funds.
The company, however, needs american customers to submit their ID to extend funding limits via bank transfer options.
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