MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Abra, a leading wealth management platform for cryptocurrency investors, today announced the Abra Perx Rewards Program that will offer Abra users unique access to a new utility token, Crypto Perx (CPRX), created by the newly formed Crypto Banking Alliance (CBA). Upon token launch, Abra users will be airdropped an amount of CPRX tokens that is proportional to their individual historical usage of Abra. Abra Perx will also provide other exciting ongoing benefits.
By holding CPRX tokens in their account, Abra users will gain significant additional benefits of Abra’s fast-growing crypto wealth management platform. After the token launch date, the Abra Perx program will provide all Abra customers with:
· Cash back on all Abra Trade™ transactions,
· Bonus yield for all Abra Earn™ funds,
· Negative loan interest (lower effective rates) for any Abra Borrow™ loan,
· An ignition reward for new users who fund their account,
· Referral rewards for inviting friends who fund their Abra accounts, and
· Rewards recognizing existing Abra users’ historical usage
Users may hold (or “stake”) CPRX tokens for additional benefits or exchange them via Abra Trade for Bitcoin, Ethereum, USDC, or other assets supported by Abra. Upon token launch scheduled on November 15 by the CBA, Abra anticipates that CPRX will be listed on several cryptocurrency exchanges and DEX liquidity pools. The CBA is expected to announce details of initial exchanges supporting CPRX throughout the fourth quarter of 2021.
As a launch promotion, Abra will be offering accelerators on CPRX rewards. Promotion details will be announced in the coming days.
“The token economy is booming. We wanted to find a unique way to reward our loyal customers via this new token economy while doing something totally unique. Crypto Perx represents the perfect opportunity to do just that,” said Bill Barhydt, Founder and CEO of Abra. “This new program enables us, via this unique partnership with CBA, to reward our customers for their loyalty, bolster the innovative products we have launched this year and further evolve the future of banking. We are committed to growing our Abra community and this partnership with CBA provides Abra users a unique and revolutionary avenue to take advantage of the new token economy.”
The CPRX utility token is the backbone of the Abra Perx program, designed to maximize yield for Abra customers and recognize them for their loyalty while creating new opportunities for engagement on the Abra platform. The program, available to all Abra customers, rewards users with CPRX tokens for a wide range of account activities, including creating accounts, making referrals, and using Abra products.
“Abra is a true trailblazer in crypto wealth management and their customer-centric crypto banking strategy makes them the perfect launch partner for CPRX in the wallet space,” said Julian Hardy, Founder and Managing Director of the Crypto Banking Alliance. “We are pleased to help them offer their loyal customer base exciting incentives via the token economy as they revolutionize wealth management and continue to expand access to crypto assets in a safe and secure way.”
The launch of Abra Perx follows Abra’s recent Series C $55 million funding announcement after a year of tremendous growth. Abra’s financing is enabling the company to further expand its innovative suite of wealth management, trading, and payments offerings to the 155,000 monthly users who have processed over $4 billion in transactions over the past year alone. Abra has continued to expand its wealth management services as the company’s revenues have increased more than ten-fold, while its services – Abra Trade and Abra Earn – skyrocketed from zero to $1 billion in AUM, with zero defaults.
For more information on Abra and to download the app, please visit: https://abra.com/.
ABOUT ABRA
Abra is the leading wealth management platform for crypto. Abra’s mission is to create a simple and honest platform to help the next billion crypto holders maximize the potential of their crypto assets. Founded in 2014 by Bill Barhydt, Abra’s users earn high yield on their crypto assets, trade over 100 different crypto currencies and borrow dollars against crypto holdings. Abra has processed over $1 billion in crypto backed loans and has paid millions of dollars in interest payments to retail and institutional clients alike. Abra has raised over $75M in venture financing from American Express, Foxconn, Blockchain Capital, RRE Ventures, Digital Currency Group and other prominent investors. For more information, visit https://www.abra.com/
ABOUT CRYPTO BANKING ALLIANCE
The Crypto Banking Alliance, formed in Zug, Switzerland as Auriga Alliance AG, was created to promote the safe and seamless application and adoption of cryptocurrency technologies as a core component of the future of banking platforms. The Alliance aims to educate the public on the opportunities afforded by cryptocurrencies and decentralized finance (“DeFi”) on the future of banking. The Alliance will provide educational tools, promotional programs, technology tools, code samples, and frameworks for the safe and ethical adoption of DeFi technologies such as cryptocurrencies and smart contracts. Our vision is a global movement towards decentralized financial systems that align community and personal agency in a way that enables global access to everyone who wishes to participate in it.
