Abra, widely used cryptocurancency-based transmission platform, has integrated a functionality that enables its users to purchase bitcoin immediately with both credit and debit cards.
Abra's Cryptocurrency Push
On Abra, similar to conventional transmission networks like Western Union and MoneyGram, it is possible for users to send cryptokurricans like bittoine and ether to people all over the world through the name of Aaby Taylor.
Local Abra Tellhers receive cryptosurcency sent from the sender and either provide cash or other types of payment to the receiver.
This week, Abra has enabled Bitcoin credit and debit card purchases on its platform, which were previously dependent on bank and wire transfer, which are under delays due to the inability of the global banking system. While most domestic wire transfers can be completed in 24 hours, international wire transfers may take up to five days.
Abra team said in an official statement:
"So far, Aura users are able to fund their purse by using many different methods including bank and wire transfer, or by transferring purchased bitcoins or light coins to elsewhere, in addition to this, American based American Express By using the bitcoin, you are able to purchase a credit card. "
Did banks not use credit cards on cryptano exchanges? In February 2018, major banks like Bank of America and Citigroup used to buy and sell credit cards to prevent the possibility of a credit card used by criminals to rob money by criminals and enforce strict cryptocurrency investment policies. Banned the use of.
Discover, such as credit card network operators, have expressed their reluctance to process cryptocurrency due to strict anti-money laundering (AML) policies, which put the burden of user monitoring and transaction analysis in financial institutions.
At that time, Discover CEO David Nelms said:
"It's Crooks who are trying to extract money from China or anywhere else, or if someone stole our credit card number, they are going to ask for a payment in bitcoin. They are the only use cases that I actually see today . "
Aura is able to integrate a system to accept credit card payments on its platform through a company called Simplex, which helps the crypto platforms to integrate credit card systems with complete fraud protection.
Licensed by the EU as a regulated financial institution, Simplex has served the largest cryptocurrency platform in the crypto sector, including the major Bitcoin Walt Expo, Cryptocurrency Board, Syknomy and Mobile Wallet Mycillium.
Carlos Maslaton, chief of the Expo Treasury noted that the system of Simplex was important in allowing expo platforms to enable bitcoin purchases with credit cards.
Payments up to $ 20,000
The financial fraud prevention and user monitoring system provided by the EU-regulated finitech firm has allowed Abra to process a single bitcoin purchase in the range of $ 50 to $ 20,000 with a credit card, in which credit is provided for platforms such as Amazon But the process of buying the products is the process. Debit Cards