Ripple’s XRP cryptocurrency, the 2nd-largest crypto by market capitalization, is another step closer to mass adoption, as the popular Abra wallet and crypto-investing app has announced they’ll be supporting XRP for the purchasing of US stocks with XRP.
The Abra app already allows customers to buy traditional assets like US stocks, ETFs, commodities, and indices with Bitcoin (BTC), making Abra the first app of its kind in the world to support crypto for buying traditional assets.
Shortly after Abra announced the support of Bitcoin for purchasing traditional assets, a tweet from XRP Nation asked Abra CEO Bill Barhydt if they plan to offer Ripple’s native XRP crypto for these same services as well. Barhydt responded saying yes, they will, but could not give an exact date.
Yes for xrp noexact date
— Bill Barhydt (@billbarhydt) February 6, 2019
Use Cryptocurrency to Buy Traditional US Stocks With Abra App
The ability to buy traditional assets with cryptocurrency via the Abra app is very new, only being launched on February 6, 2019. Initially, users of Abra can buy traditional assets like ETFs and shares with Bitcoin (BTC).
The app currently offers a limited selection of traditional assets, including high-priced tech stocks such as Netflix, Google, Facebook, and Amazon. Abra will soon offer ETFs like Vanguard Growth and the S&P 500, commodities like SPDR Gold Trust, and indices like the Russell 2000.
Abra plans to add even more global assets in the future, as the company strives to become the world’s go-to investment application. As stated by Barhydt:
“Our vision for Abra is to create a single app that serves as the go-to investing app for the globe, This is just our first announcement, over time you will see other services in the banking arena to democratize access to financial service.”
Ripple Partners With 11 New Universities
In addition to the good news regarding Ripple’s native XRP cryptocurrency, the company itself is making headway, boasting 11 new partnerships with leading universities around the world.
These new partnerships will help the company’s University Blockchain Research Initiative (UBRI), which provides grants and support programs to help expand Ripple’s blockchain ecosystem.
In total, Ripple has partnered with 29 universities around the world, which are now working with UBRI. The 11 universities who have just come on board include:
- Carnegie Mellon University
- Cornell University
- Duke University
- Georgetown University
- University of Kansas
- University of Michigan
- Morgan State University
- National University of Singapore
- Northeastern University
- University of São Paulo
- Institute for Fintech Research, Tsinghua University
What will Ripple’s XRP token be used for next? Let us know what you think in the comment section below.