The newest launch of Abra app which supports 20 cryptocurrencies and 50 fiat currencies is the world’s first app to support multi coins. Charlie Lee, founder of Litecoin has just tweeted about his interview with the CEO of Abra app, Bill Barhydt in which the news about Abra using smart contracts on the Litecoin network in about 2 weeks was revealed.
Charlie Lee’s announcement on Twitter:
After various speculations in the community, Abra has chosen Litecoin over the more popular Bitcoin Cash network to be integrated with their system. According to them, Litecoin has been more stable even when the market shook down. Adding on, Litecoin also has better security, is more widely accepted and adheres to Bitcoin’s scalability roadmap.
From Abra’s point of view, the core of the app’s protocol will be formed by Litecoin. According to what they declared, Litecoin and Bitcoin are the only two embedded currencies in the app. The rest of them are categorized as “synthetic token” and can be seamlessly exchanged. This is what Abra’s service goals revolve around. They aim to provide synthetic digital currencies which will be backed by existing assets.
Litecoin has not moved from its top 5th position for a very long time now. It has gained about 7.75% in the past few hours and is currently trading at $173.
Alexandro, a budding crypto investor questioned:
“Hey Charlie, I have a question regarding litepay. Is it already launched or is it yet to be launched?”
To which, Charlie answers:
“They are signing up merchants right now, the debit card is delayed. Don’t know anything more than that.”
Jimmy, another Reddit user commented:
“I read a Q&A on Reddit with the CE of LitePay…..WOW! What a disaster. I really wouldnt put any faith in LitePay. Really hoping LitePal do a much better job, sorry.”
Charlie replied stating:
“No sorry needed. LitePay has been a disappointment to all of us so far. Maybe they will surprise us. But LitePay is just one of many companies supporting Litecoin and you are right, so far LitePal has been doing a tremendous job onwards and upwards!”
While there were some positive comments from some users too,
“I think the smart contract is such a brilliant idea. This is great news that will surely show us the way! Keep up the great work on LTC my brudda!”
Subscribe to AMBCrypto’s Newsletter