Silicon Valley based peer to peer Bitcoin transfer network, Abra has raised funding from Tata Sons’ chairman Ratan Tata and American Express. This funding is a part of Abra’s recently announced $14 million series A round in September 2015. This is the first investment in the crypto currency world for both American Express and Ratan Tata.
With this funding, the firm also announced entry into the online, digital cash-based merchant payments. Its app will be available to all registered users in the US and Philippines in the coming weeks, with more countries to follow soon. The app allows people to store digital cash, sending that money to any smartphone and using a new network of human ATM’s, called Abra Tellers, who are individuals or businesses earning money by buying and selling digital cash to and from any consumer via the Abra App.
Founded in 2014 by serial entrepreneur Bill Barhydt, Abra makes financial services more accessible for consumers and creates new business opportunities around the world.
With this funding, American Express is extending its reach to the space of digital or virtual currency, which uses cryptography for security. One of the players which has been receiving a lot of public attention lately is Bitcoin that was launched in 2009. Over the last two years, RBI has been giving warning to Indian companies against Bitcoin yet many startups are coming up with Bitcoin mobile wallet app, Zebpay is one among others. It is still uncertain, how and when Bitcoins will fare in the country as their penetration is still not impressive.