Anyone with a smartphone in any country can send or receive funds in most major currencies and can cash in or out of their Abra wallet, even without a bank account.
Any Abra user can use Bitcoin via any third party Bitcoin Wallet to add and remove funds from their Abra App regardless of which currency they're holding in their Abra Wallet.
If you're an existing Bitcoin trader you can now use that Bitcoin to become an Abra Teller and process deposits/withdrawals for people who don't know what Bitcoin is.
For example, a consumer holding US Dollars can meet a Teller, and process a withdrawal to receive Argentine Pesos. Neither party even knows that a dual-currency-trade transaction took place.
Abra estimates $30-$40 million per week is now traded in person in "fiat vs Bitcoin" in over 75 countries. "This is a huge step forward in realizing our vision of anyone being able to send money easily to anyone else in the world, instantly, privately, and securely," Barhydt noted.
Abra charges no transfer fees to users. However, individual Abra tellers set their own fees and exchange rates so city rates may be lower than rural rates due to higher competition. Their rates can be found by opening the app and look at nearby tellers to see their fee details.
Explain. Details, please.
This causes me concern. In economics-speak...TANSTAAFL (There ain't no such thing as a free lunch). What's the business model?