Note from the CEO: Wow! This could be really exciting. Abra claims to be able to take the volatility out of bitcoin transactions moving from currency to currency AND be cheaper. With this blockchain technology, other uses are sure to follow. The first one crossing FintekNews’ mind is international financial markets. That may take some arbitrage opportunities away, but certainly open up other markets for investors using bitcoin for trading.
“A lot of time at the end of conference talks, the moderator vaguely looks around the room and hopes that attendees will raise their hands, but no one does. It’s painful. This was not an issue today at the end of the fireside chat between American Banker editor Marc Hochstein and Abra founder and CEO Bill Barhydt, at the Blockchains+Digital Currencies event today in Manhattan. As soon as their conversation ended, the room full of financial professionals was eager to ask questions.
Abra allows two people to exchange money without someone in the middle by connecting people’s bitcoin wallets. “I’ve been working on some variant of this problem for 10 to 15 years,” Barhydt said during his introduction. Consumers don’t even realize they have bitcoin wallets, though. From their perspective, they have local money.”