Abra Global has been a major supporter of the Litecoin project ever since the CEO of the firm said that the firm would start using Litecoin as its primary asset for the company’s smart contract solutions. The Chief Executive Officer of Abra – Bill Barhydt made the following statement in a Reddit announcement last month.
He said: “they went with Litecoin (LTC) as the second class of digital currency, after Bitcoin (BTC) for their smart contract investing solutions for three major reasons:
- Commitment to the capability of bitcoin: lightning support, p2sh support, core roadmap, etc.
- A little bit better scalability than Bitcoin (BTC) in short-terms (block times and block size).
- Mining charges which are basically a function of number two, although this is a short-term benefit, the fees of mining would possibly skyrocket if they are successful.”
What Abra Is Aimed At
The CEO also went further to state the wish of the company to list more digital currencies on its mobile wallet application and also outlined the vision he had for the app and the company. He said: “the company is not designed to be a trading platform like Gdax and Binance. Abra is aimed at being a simple application for retail investors to get exposed to assets that are difficult to access.
He said that they have enabled this exposure of investment using a synthetic CFD-like model based on p2sh multi-sig scripts on the blockchains of bitcoin and Litecoin.”
It’s with this background that the company has announced that the application will support Litecoin deposits and withdrawals. Users can now fund their accounts with Litecoin from external wallets and invest in the over fifty fiat currencies and twenty-five digital currencies on the Abra mobile wallet application. The team has released a new update for the app, and they urged users to update their versions before they start depositing and withdrawing LTC.