Abra users can earn up to 9% annually on cryptocurrencies and stablecoins

The Abra platform has introduced the ability to earn up to 9% annual yield on deposits in cryptocurrencies and stablecoins.

According to information on the company’s site, the highest returns are offered on stablecoins TrueUSD (TUSD), Tether (USDT) and USD Coin (USDC) — 9% per annum. The annual yields on deposits in Bitcoin and Ethereum stand at 4.1% and 4%, respectively.

In a conversation with The Block, Abra representatives emphasised that rates would be reviewed weekly. Decisions on changes will depend on demand from the platform’s institutional clients. The company also noted that the rates it offers are \”significantly better\” than those on the traditional market.

To implement the new option, Abra struck a partnership with the cryptocurrency custodian Prime Trust.

Abra is one of the veterans of the Bitcoin industry. The company has been operating since 2014, initially offering an app for remittances between the Philippines and the United States.

In autumn 2015, Abra received $12 million in funding, including from American Express Ventures.

Subsequently, its geography was expanded: in 2016 the company entered the US market, and some time later added the option to invest using Bitcoin and other cryptocurrencies in traditional financial instruments.

Abra’s user base currently numbers over a million people. The main markets are the United States, the Philippines and the United Kingdom.

In May 2020, Stellar Development Foundation invested $5 million in Abra.

Earlier this year, the US Securities and Exchange Commission and the Commodity Futures Trading Commission settled claims against Abra, which had offered unregistered equity swaps.

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