Abra, an encrypted wallet, has signed a deal with the fintech unicorn Plaid that will give thousands of bank customers access to Abra

The BlockreportsCryptocurrency wallet app Abra has signed a deal with the fintech unicorn Plaid to allow customers of 1,000 Banks to connect to the Abra platform. Abra, which is also a cryptocurrency remittance company, has been backed by some of the world's largest venture Capital firms, including Arbor Ventures, RRE Ventures, First Round Capital's $14 million Round and manufacturing giant foxconn's $16 million series B Round.

Before the deal, only a few dozen Banks were connected to Abra's platform, according to the press release.

Bill Barhydt, Abra's founder and chief executive, said in a statement on the company's website that the move was a further step towards democratizing financial services.

At the heart of the deal is that it will bring more liquidity to the Abra platform, helping users more seamlessly switch assets back and forth between cryptocurrencies and fiat currencies.

Once limited to BTC, BCH, LTC and ETH, the collaboration with Plaid expands the range of cryptocurrencies available for local withdrawals from Abra, with all 30 cryptocurrencies supported on the App now available for local withdrawals from Arba.

The investment app was launched earlier this year as a way to self-preserve encrypted assets. According to the press release, Abra said the next step would be to allow users to deposit money directly into Abra wallets.

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