Abra P2P Remittance App Lands $12 Million Investment

Abra, a peer-to-peer (P2P) remittance app that leverages Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term for money transfers, has raised $12 million in Series A financing.

The round is its second, bringing total investment to $14 million. Notable investors include Arbor Ventures, RRE Ventures and First Round Capital. Abra says the round was "highly oversubscribed".

As with other bitcoin-powered remittance services, some form of physical branch is usually needed on either side of the transaction. The sender can load funds either by using a debit card, or through an 'Abra Teller', similar to a money transfer agent. Users can apply to function as local tellers. The recipient withdraws cash from the app via a teller as well.

Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term is used behind the scenes, and is not mentioned as part of the transfer process on the website. "It’s not about Bitcoin for the sake of Bitcoin – it’s about how the technology can solve problems for consumers worldwide, even if they don’t know what the Blockchain is," said RRE Ventures managing partner and Abra co-founder Jim Robinson.

On its website, Abra says that transfer fees are instant, secure and private, and that it does not charge fees.

The startup was recognized as Best Overall Company at Launch Festival in March.