*By Carlo Versano*
Abra, the crypto exchange and digital wallet startup, is trying to fundamentally change the way banking is done with a simple consumer-facing app that allows users to effectively create "synthetic" dollars using the inherent value of Bitcoin and other cryptocurrencies.
If that sounds confusing, allow Bill Barhydt, Abra's co-founder and CEO, to explain.
Speaking with Cheddar's Tanaya Macheel at the North American Bitcoin Conference in Miami, Barhydt said Abra was born out of a desire to solve problems for "unbanked" people in the developing world.
"We think cryptocurrencies are uniquely qualified to solve a lot of banking problems in those markets," Barhydt said.
But the technology ー think Venmo, with a layer of crypto on top ー has applications for people in developed markets as well. That's because, as Barhydt explained, the underlying innovation is that Abra allows one to store Bitcoin essentially as their currency of choice. The app currently supports 30 cryptocurrencies and 50 fiat currencies, but it doesn't actually hold real money, which means it isn't subject to the same regulations as a bank.
By creating synthetic dollars (or pesos, or euros) with the backing of Bitcoin to create the value, users are able to exert complete control over their money, according to Barhydt, who worked as a CIA cryptographer and quant at Goldman Sachs before becoming an entrepreneur.
"That's a real technological breakthrough," Barhydt said.
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
Nike is suing two of its competitors for alleged patent infringement.
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
WeWork has filed for Chapter 11 bankruptcy protection.
Bumble, the female-focused dating app, announced that Whitney Wolf Hurd, the company's founder and CEO, will step down in January.
WeWork officially has filed for bankruptcy.
With interest rates high, housing inventory low and Veterans Day just around the corner, Cheddar News took a look at how the current market is impacting those who served and continue to serve our country. Patton Gade, national director of military lending with UMortgage, explains how a VA loan works, its benefits and what's involved in the process of purchasing a home.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
