Digital safeguards ‘change everything’, says Abra CEO Bill Barhydt

Episode 44 of season 4 of The Scoop was recorded remotely with Frank Chaparro of The Block and Bill Barhydt, CEO of Abra.

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According to Bill Barhydt, CEO of Abra, as the crypto market matures, owners of “pristine” digital assets will increasingly be able to use their holdings as collateral for a range of financial services.

Founded in 2014, crypto wealth management platform Abra closed a $55 million Series C last September led by IGNIA and Blockchain Capital.

In this episode of The Scoop, Barhydt explains why the recent Terra Blast has no impact on the disruptive potential of crypto, and how a new wave of crypto financial products promises to unlock more utility for long-term holders.

As Barhydt explains,

“Most banks won’t recognize crypto – I don’t even know of any that will recognize crypto when trying to determine your financial status, when trying to qualify for a mortgage…”

Last month, Abra announced a partnership with Propy, the company that sold a house in Florida for $650,000 using an NFT – allowing crypto holders to apply for loans using their crypto as collateral.

While Abra “isn’t financing homes yet,” allowing long-term crypto holders to use their digital assets as collateral for down payments on property is a sign of maturity for the asset class, according to Barhydt.

If crypto can become pristine digital collateral as Barhydt imagines, he believes the implications will be felt around the world:

“The banking system knows I have that many bitcoins, it lends me that amount of money to make my payments, and it’s debited later – it’s a much more efficient way to process credit transactions in countries where there is no credit scoring system, which is most countries, so having some kind of digital guarantee changes everything.

During this episode, Chaparro and Barhydt also discuss:

  • Decentralization and systemic risk
  • The importance of research before investing
  • Crypto Stories to Watch

This episode is brought to you by our sponsors firewall, Coinbase Prime & Cross the river
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