Abra, a Bitcoin remittance company that raised $14 million, announced that it will launch a global Bitcoin network next month, supporting more than 50 countries

Bill Barhydt, founder and CEO of the much-anticipated Bitcoin (BTC) remittance app Abra, announced at the North American Bitcoin Conference on Jan. 17 that the company will launch a global digital cash network next month.

Once the network launches, users will be able to send and receive funds in more than 50 countries. Abra also includes direct Bitcoin support, allowing users to send Bitcoin payments to friends and family abroad with low fees.

Essentially, Abra is a peer-to-peer version of existing remittance service providers. Instead of going to a physical location or branch to send and receive funds, which is inefficient for individuals in rural areas, users can simply use their smartphone to send remittances to any recipient, who can then receive the funds through an Abra teller located around the world.

Abra targets global remittance market

Abra has currently launched its app in the Philippines and the United States. The Philippines, in particular, has a large remittance market of more than $500 billion, mainly because a large number of Filipino workers who go abroad to make a living will remit their earnings back home. In the past, in order to remit money back home, Filipino workers relied on inefficient and costly remittance outlets, which has caused a lot of inconvenience to senders and receivers in the past decade.

Bill Barhydt, founder and CEO of Abra

Barhydt and his team are trying to improve the current impractical system in the global remittance market. Using Bitcoin as a foundation, the company aims to make remittances cheaper and faster by using this peer-to-peer currency and network.

“Bitcoin is key to everything we do. While Bitcoin has always been a big part of what we do, it has been hidden in the background until now. Last year, we launched Abra in the Philippines and the U.S., and the results validated that we could launch a digital currency product that uses Bitcoin and not confuse the average consumer.”

Abra’s global release will include various native Bitcoin features such as a Bitcoin wallet, Bitcoin-to-fiat exchange, fiat-to-Bitcoin exchange, and Abra Bitcoin ATM.

Barhydt is optimistic about the impact Abra could have on the global Bitcoin market. The Abra global network makes it easier for traders to hold Bitcoin and trade Bitcoin for fiat currencies in any country Abra supports.

He said:

“We estimate that there is currently $30-40 million in weekly ‘fiat to bitcoin’ trading volume in over 75 countries around the world. With our support for Abra ATMs for Bitcoin traders, exchanges can now hold Bitcoin through the Abra app while processing deposits and withdrawals in fiat currencies in any country supported by the Abra app.”

Abra is backed by major VCs and financial institutions

Abra and its network are backed by some of the world’s largest venture capital firms, including Arbor Ventures, RRE Ventures, and First Round Capital, from which Abra has raised $14 million in Series A funding.

Other large financial institutions, including American Express and Tata Sons, also participated in this $10 million round of financing, providing the necessary funds, resources and infrastructure for Abra's development.

As early as 2015, American Express Managing Partner Harshul Sanghi expressed his enthusiasm for Abra's prospects in leading the global remittance market. He said that the world is in urgent need of more convenient and cheaper remittance settlement methods.

Sanghi said:

“As individuals and businesses conduct business around the world, we need a more convenient and affordable way to move money. We believe Abra can play an important role in the growth of money transfer and commerce, especially in emerging markets.”