Crypto services company Abra said in a statement that it is preparing to launch Abra Bank, which will be a government chartered institution in the US and the first regulated bank in the crypto industry. If that plan succeeds, Abra Bank will offer active access to fiat ups and downs as well as allowing US customers to bank digital assets.
Abra CEO Bill Barhydt said:
“Abra Bank will be the first fully regulated depository institution in the US for cryptocurrency. Today there are several trusts operating in the US, but no operational banks. In 20 years, the largest banks in the world will be crypto-centric banks.”
Abra also plans to open Abra International, a fully regulated digital asset institution, as well as providing similar banking services to its non-US customers. According to the statement, Abra Bank is scheduled to go live in 2023, and Abra International in late 2022.
In addition to these plans, Abra announced that it will launch Abra Boost, which will allow top investors to deposit money and earn interest on digital assets, in October, while the existing loan instrument Abra Earn will switch customers to the new Abra Boost. Abra raised $55 million last year to develop new investment, trading and payment alternatives for its high-profile and corporate clients.
Digital Chamber of Commerce claims the US needs a Bitcoin ETF
The Digital Chamber of Commerce continues to insist on approval for a spot Bitcoin ETF in the US. The Digital Chamber of Commerce emphasizes that all the requirements demanded by the SEC have been met, but a Bitcoin ETF has not been approved since the Winklevoss brothers' initial application in 2013. The SEC, on the other hand, has rejected spot Bitcoin ETF applications so far, citing transparency concerns, a lack of regulators, and the volatile nature of the cryptocurrency.