Cryptocurrency exchange and wallet service provider, Abra, has revealed that it will now support payment for users in the Single Euro Payment Area (SEPA).
Following the announcement, users who hold SEPA bank accounts can now transfer euros or other national currencies directly to Abra. This will, in turn, allow more accessible deposits because purchased bitcoins will be transferred into users’ digital wallets instantly.
SEPA account holders include residents with the 28 nations in the European Union along with Iceland, Norway, Switzerland, Liechtenstein, Monaco, and San Marino. Owning a SEPA account allow users to make cross-border payments through direct debit transactions. This unique feature will now be used to facilitate crypto transactions.
After purchasing BTC with their SEPA accounts, users can now convert their coin into other cryptocurrencies available on the Abra app. This includes ADA, BAT, TRX as well as other 25 coins.
Abra Exchange Makes Buying Bitcoin and co Easier Within Europe
Before now, Abra users had to fund their crypto wallets through bank or wire transfers within the US. In other cases, the users can buy crypto with American Express, Visa and Mastercard debit or credit cards
But those days of long protocols are over.
Support for SEPA holders is made possible by a partnership with crypto payment processor Coinify according to Abra CEO Bill Barhydt.
“Abra is working with Coinify as our first partner in Europe to enable European bank integration via SEPA … Users in Europe now have the option of doing a SEPA bank transfer from their European bank account directly to Abra’s exchange partner which will cause the equivalent amount of bitcoin to be added directly to the user’s Abra wallet.” Bill said in the report.
He also confirmed in the press release that Abra Exchange is now supporting bitcoin cash deposits. This means that users no longer have to buy BTC before they can exchange it for BCH.
The opportunity to directly transfer SEPA account funds to Abra is expected to cause an increase in the volume of crypto transactions.