Episode 107 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Abra Co-Founder & CEO, Bill Barhydt.
Full-service crypto platform Abra announced plans in September to establish the first fully regulated bank for digital assets in the U.S.
Abra Bank is expected to go live in early 2023 and it will enable U.S. citizens to deposit their digital assets in a U.S.-regulated manner similar to traditional banking.
In this episode of The Scoop, Abra Co-Founder and CEO Bill Barhydt explains the advantage crypto banks have over traditional banks and how Abra Bank will enable fully regulated, interest-bearing accounts in the U.S.
Whereas traditional banking services are available only during specific hours, Abra Bank will allow customers to interact with their assets at any point in time.
“We fundamentally believe in this mantra of ‘not your keys, not your crypto.’ The irony of that in running a bank is not lost on me, but the point is that we are 100% committed to saying, ‘Okay, if it's your stuff and you want to move it to a Trezor or Ledger on Sunday at 2 a.m., please do it right now’” said Barhydt.
In addition to giving customers full control over their assets at any point in time, the fact that Abra Bank will be a U.S. state-charted institution means that it will be able to provide interest-bearing accounts. According to Barhydt,
“Abra Boost, which is going to be our new offering for paying interest going forward, will be for accredited users, and then the goal is to make it available to retail once the bank fully launches.”
During this episode, Chaparro and Barhydt also discuss:
- The SEC and crypto regulation;
- Macro headwinds and market liquidity;
- Why bitcoin could one day be an inflation hedge.
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