What Abra did:
- Abra is transitioning all assets available in the Abra App to a hosted environment provided by a qualified custodian. Most crypto assets available on Abra are already hosted, but this update includes previously non-custodial assets BTC, LTC, BCH and ETH. To complete this change, we will simply move any balances you hold in these four assets to the hosted environment. This change will allow us to simplify our system, and provide you with new investing features that would have been difficult in a purely non-custodial environment.
- The migration for users who held a small amount of ETH was on hold. However, starting 9/11/20 Abra wallets that have not migrated may be automatically migrated to a hosted wallet.
To complete the migration process, we require anyone holding Ethereum (ETH) must have a balance of 0.07 ETH in their Abra wallet.
If you are holding less than the minimum of 0.07 ETH, Please complete one of the following options before 9/10/20 18:00 PDT.
- Option 1: Withdraw your entire ETH balance from Abra to an external wallet.
- Option 2: Exchange additional funds into the ETH balance in order to reach the minimum of 0.07 ETH.
Failure to comply with the steps laid above may result in the loss of your ETH balance on Abra.
How does this change my experience on Abra?
- At first, the main change will be faster confirmation of trades. Over time, you’ll see us launching new investing features and generally improving the user experience while continuing to grow the number of crypto assets available to trade.
- On the flip side, some small market-cap coins might take longer to become available to trade once deposited into the app, depending on the number of confirmations required.
- It’s important to note that you should not reuse crypto deposit addresses. Always check inside the app for the latest deposit address to use when depositing crypto. If you deposit funds to an older address, they may be lost permanently.
Which coins does this change impact?
This change only impacts BTC, LTC, BCH, and ETH. All other crypto assets on Abra are already hosted.
What if I don’t want my coins to be migrated?
You do not have to agree to do the migration, but you will then need to withdraw any funds from the app. If you agree to migrate now, but then later change your mind, you can withdraw your funds post-migration at any time.
Does this mean I may not always have access to my funds?
Just as before, we can never guarantee 100% availability. Sometimes assets become unavailable (deposit/withdraw/trade) due to periodic wallet maintenance. However, we expect no noticeable change on your level of access and the reliability of our platform.
Is Abra a custodial wallet?
Abra is now a completely custodial wallet. However, Abra is not the custodian of your funds. The Abra wallet is still a cryptocurrency wallet (“HD wallet”), and you (the user) must keep your wallet recovery phrase safe in order to access or recover your funds. All trades continue to use your wallet's private key signature. Always keep your recovery phrase secure. If you lose your recovery phrase, you will lose access to your funds.
Are my funds secure?
Your funds are custodied on one of the most reputable platforms in the industry. Abra users who are investing in crypto may want to look into investing in a long-term storage solution, such as a hardware wallet for storing larger amounts of crypto.
Can I continue to use my existing deposit addresses?
No. Always check inside the app for the latest deposit address to use when depositing crypto. If you deposit funds to an older address, they may be lost permanently.
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