About the talk
Bill Barhydt is founder and CEO of Abra, a global crypto wallet and exchange network. Abra’s breakthrough is its synthetic currency technology based on crypto smart contracts. Bill’s passion is information technology and how it can be used to improve lives. He is an advisor and investor in many companies in the payments, telecom and consumer Internet sectors and in 2011 gave the first-ever TED talk on Bitcoin. He has also consulted to federal and international regulators on the impact of digital currencies and decentralized transaction systems. For the past 15 years, Bill has worked as an executive and investor in the mobile industry including industry changing banking, gaming and IoT investments across the telecom and IT sectors. Bill was an early employee of Netscape, where he worked on the first design and deployments for SSL and the X.509 digital certificate standard as well as designing early .com era services. He worked for Goldman Sachs designing trading systems and was a researcher for NASA and the CIA. In 2000, Barhydt received the Technology Pioneer Award from the World Economic Forum for his work in online collaboration and Internet Technologies. Bill is an avid mountain trail runner and cross fit games competitor who has completed several tough mudder races.View the profile
And at night for today, we have built bar height, founder, and CEO of Abra the title, sponsor of the eighth edition of l.a. Blood cancer. Boom, stick with the train here. Good morning everyone. My name is Bill barhites. I am the founder and CEO at Abra. So I'm going to give you an update this morning on all of the Fantastic things going on at Abra. I've got some exciting news to share, and yeah, it's just going to be a little bit of fun. So, I got my, my UCLA shirt on. I'm in the LA mood. We may have some parties this weekend, LA to Buck the
trend. So, if you're around, hit me up, it's going to be an awesome week. Alright, let's get to it. So, I know we've got a lot of a user's. Hear you guys are asking? What's, what's what's the update, please tell us will. Well, I'm going to give you a few updates, right? So first, for those of you who don't know, Abra Abra, is the world's leading crypto wealth management platform. What does that mean? So, today? We've got a couple of million users that are buying trading holding earning interest. Borrowing against cryptocurrencies all in one simple app,
since we announced our series C funding a few weeks ago, our assets under management AUM is up over 20% in just like a couple of weeks. The last few weeks for Abra have been insane and it's going to get more insane. We're processing billions of dollars in transactions. Now, so I'll start with our trading product. Abra trade, has over 113 crypto-currencies and growing, right? It has zero fee trading, it offers, any do any trading pairs. That means it doesn't matter which cryptocurrency you start
out using. You can trade into any other crypto without going to Dollars first or a Syrian. We are the only app that I'm aware of in the world. That support unlimited Bank wires. You can deposit anywhere from $50 to $100. Into your Abra app and so and of course, the bread-and-butter would, which all of you love is our high-yield product where you can earn interest on crypto. And I've got some exciting updates to share their for today as well. As I mentioned, we support over a hundred crypto-currencies. And the list is growing every week.
This is when I think of the best best features of Abra is we don't pick and choose the winners and losers, we let you do that and you all represent the market. Okay. So, so now our high yield product Abra learn lets you earn up to 9% of the 9%. This is new. We just raised rates. I'll talk about this in a moment with no limits on deposit side. You want to deposit a million 5, million hundred dollars. It's all good. No limits on withdrawals. Either over the counter, trading for large orders. If you want to avoid a trading
spread, if you want to deposit in six, seven eight figures at a Time. It's all good. And course, now, we have institutional Account Support, which is one of the fastest-growing parts of our business. In addition to our bread-and-butter retail. As I mentioned. We just raised rates on our dollar product USD stablecoins, in USB C to USB tether, paxos to 9%, along with our already. Great Bitcoin. Is there a Embrace? And I'm going to show you how you're going to get a massive bonus on interest rates in the coming
weeks. So if you're interested in raising those rates to well over 10% for some coins and maybe over 8% on bitcoin. Give me a few minutes here. Okay, so borrow a Viber launch, Dabber borrow a few months ago and it has proven a phenomenal success. The collateral that were managing is growing a we offer of an industry-first, a 0% interest option. If you're willing to choose a lower L TV and steak fair amount of collateral with Abra will actually give you a loan for free case of there's no penalties.
There's no closing cost. We support both Bitcoin and ethereum for collateral the services live in 50 countries and over 40 US states and the list is growing every single day. So this is I think this is the future. Of Abra is the ability for you to manage all of your cryptoassets and use them for banking, right? You want to hold the appreciating assets, Bitcoin. Ethereum in the future other cryptocurrencies and you want to borrow in that government-issued should go and that's what we're enabling you to do. All right. Okay. So why are
people using a borrow people are taking out loans for superb student loans right to pay off College. They're taking out loans for down payment, on their homes. They're taking out your loans for vacations. It's a car's it's amazing how people have figured out that they can hold that appreciating asset Bitcoin as that appreciating assets and borrow in USD, and put that money to work while still continuing to get the games in that Bitcoin and ethereum. They're holding and not have to pay any short-term capital gains taxes because they haven't sold the underlying
collateral. They're simply holding it and getting the fuse. Okay. So super excited about where we're going with a bravura will have more announcements there. Okay. So what's next? We got our trade product. You can wire ACH deposit crypto in any amount. We've got a burn with let you earn anywhere up to like 9% on crypto deposits and we got a burr borrow would let you borrow it amounts as low as 0. What is, what is next? Right? So I've been thinking for a couple years now. Right about how
rewards are working that in this new defy World. Some of you are basically using defy and some of your making money. So we're actually losing money right before I can be a very scary proposition. So, we've been thinking about how to make those rewards and incentives that are available in the defy world. As part of a new reward system. So what if we could create in a centralized model, a reward and incentive system, that was actually decentralized that was released for free. One of the things that bugs meet about, a lot of these proprietary token systems,
is it? They enrich the companies and they enrich and detectives, and we don't believe that. That's what could do is about. So, we wanted to think about. Could you create a reward and incentive structure? That was usable via any app in from Banks to games? How cool would it be if banks were using the same token economy as games? And they literally became effectively the same thing? And those tokens that token was free floating on any exchange that wanted to list it. And as I said that token would never and Rich, a corporate executive. Through any kind of presale or
pre mining or preventing or whatever you want to call it. So, we created together with a partner in Switzerland. A new form of rewards token, call crypto perks. It is a fully decentralized rewards token, and it has decentralized governance. The idea is that eventually, it will be managed by no centralized entity. It was initially created by an alliance or foundation in Switzerland and eventually will be completely decentralized using a down model. It's not issued and not owned by Abra. Well, ever. Is
the first grantee to give out to our customers and I'll explain the details in a moment. However, it has no ownership and no Central government's role at all in the alliance or Foundation Basin 42. In there was no token sale X. The alliance is funding, its activities through donations. And there will be no token sale for at least a year, probably longer possibly forever. And the token will be usable via any any app. What does that mean? Well, it's an initially going to be an erc20 token. Ben Abra has no formal ownership or
governments rollover cprx crypto perks, any app can apply for a token, grant to get an allotment of cprx to use in their app. That is a fixed Supply. But we're only going to be giving a certain amount out to companies. And hopefully, that will create and spurred, ecosystem, around, this rewards model again. No token, presale or fundraise. Okay. How does a bird use cprx? So again, Abra is going to be adopting cprx as a reward and incentive model, you are
going to earn cash back on trades. You're going to earn higher yield on a burn. When I say higher yield. I really mean higher yield. We're going to come back to that moment. You're going to get cash back on borrow. You're actually going to get Negative interest rates, were going to give you crypto perks back. Using Abra you're going to get referral incentives. You can start this today. If you go into the Abra app, you can get the referral link. Give it to your friends. And each of you will get $25 and see your ex after you make an initial deposit into Abra. Rights to.
As I said, we're going to do massive launch accelerators on this new token model. This is a big global test for us. Nothing like this. Has ever been done before. No one has ever created a token giving it away to the world, right? And invited everyone else to use it as a reward system. So, think of Amex reward points are Amex points, American Express card points. As if you had created them on. Blockchain, giving them away to the world and let early adopters get the benefits of being the first people to get those tokens. So
as the early adopters were putting this launch accelerator program in place. 15% of all, the cprx were being given is actually going to be given away over the first few weeks. It's a massive airdrop. We're going to give you 2.5% back on trades. Effectively were paying you to trade. We're going to give you 5% incremental, bonus yield on a burn. So another words, what's 9% on dollars will become 14% What's 3.15% on bitcoin will become a 8%. That's right. 8.15% on bitcoin is crazy. I'm super excited about that.
I keep all my Bitcoin in a burn and I couldn't be more excited. - 5% interest. What does that mean? That basically means we're going to pay you to borrow. Whatever you borrow your going to get back 5% apy rate, paid out in cprx. And, of course, the $25 bonus referrals for each new customer. You sign up who deposits into Abra. These are the coolest, most aggressive rewards. I've seen in a in a in an app that helps you manage and buy energy yield on crypto. It's
super cool. Alright, and so these are the accelerators for the first 60 days. Abra perks is going to be launching on November 15th, download The Uber app now, because you're going to get benefits for deposit that you made for lunch. Okay. So there is a Formula where we're going to be giving people credit for deposits. They make in advance. So you want to get that money into into Abra as soon as possible, and start using a Abra Abra trade Abra. Learn Abra
borrow earn up to 8.15% on your Bitcoin and 14% on your US dollars. Here. You can see the QR codes. So I also want to basically send out. It's a big thank you to the team at La blockchain. A lot in team. You guys have been awesome. Really excited about this event. Super excited. Also, about getting back in, in person next year. We're probably go. Be hanging out, doing some Buck. The trends are parties in La. If you're around, hit me up on Twitter, and maybe, we'll, we'll find each
other at some of the parties. I think we can have a lunch party for cprx in LA and some other cool stuff going on. So hit me up on Twitter. If you're up to that. In the meantime, I have a fantastic couple of days until a blockchain. Thank you all for the ever-loving support and we'll see you on the interwebs. Have a great when everyone. Thank you.
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