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In Spain and around Europe, users are now able to buy cryptocurrencies using their bank accounts. Beyond the ability to purchase cryptos, this is a sign that digital currencies are gaining grounds and gradually making their way towards mainstream adoption.
Unifying two worlds: Fiat and Crypto
In order for cryptocurrencies to receive widespread adoption and become part of our daily lives as means of payments, they need to be integrated into current systems and allow the ordinary Joe to acquire them without difficulties. Abra is a global cryptocurrency wallet that is making that dream possible in Spain and around Europe. The crypto wallet giant, which allow users to purchase, store, invest in, and sell across 28 different cryptocurrencies, now supports Single European Payment Area (SEPA) bank accounts, which allows users across Europe to buy cryptocurrencies fast and easy.
One thing that makes Abra a unique wallet is that it is purely peer to peer, with no middleman ever touching anything. With the bank-crypto integration, European users will now be able to exchange their coins for 28 other options or convert it to their currency to be lodged at their Europe-based bank account.
In May this year, another startup, Kryptobits, opted for the unification of the traditional banking ecosystem with cryptocurrencies. Kryptobits allows for international transactions, instant fiat exchanges, p2p loans, and many other services.
For almost a decade now, cryptocurrencies have survived the “money for criminals” name given to it by traditional institutions and has now become a major tool for global financial activities. According to El Bahrawy at City University in London and other colleagues, about 600 cryptocurrencies are actively trading on various exchanges around the world. They also add that the cryptocurrency market is growing exponentially, currently worth about 54 billion USD. As the interest of millennials in the cryptosphere increase, this exponential growth is not expected to stop anytime soon.
Both Kryptobits and Abra have created an enabling environment for cryptocurrencies to grow in Europe and possibly lead to mainstream adoption.