*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.
Tyson Foods is recalling about 30,000 of its dino-shaped chicken nuggets after some consumers reported finding small metal pieces in those nuggets.
Google on Monday will try to protect a lucrative piece of its internet empire at the same time it’s still entangled in the biggest U.S. antitrust trial in a quarter century.
Before the SAG-AFTRA strike, this was the weekend “Dune: Part Two” was supposed to open. When Warner Bros. and Legendary pushed that opening back to March 2024 and no other blockbuster stepped in to take its spot.
A growing number of Californians are planting agave to be harvested forz use in spirits. The trend is fueled by the need to find hardy crops that don’t need much water and a booming appetite for premium alcoholic beverages.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
Wallet Hub released a list of the 10 states with the highest median monthly student loan payments.
Oil and gas giant BP will purchase electric vehicle chargers from Tesla for $100 million.
Reports say olive oil prices have jumped 75% since January of 2021.
