Crypto services company Abra announced that it is launching Abra Bank, a US state-chartered institution that will allow U.S. customers to deposit and store digital assets while offering fiat on/off ramps.

Abra Bank may be the crypto industry’s first regulated bank. Abra CEO Bill Barhydt said at the SALT conference Monday: "Abra Bank will be the first fully regulated depository institution for cryptocurrency in the United States. There are several trusts operating today in the U.S., but no operational bank." 

Abra also plans to launch Abra International, a fully regulated digital asset business that will offer similar banking services to clients outside the United States. According to the statement, Abra Bank is expected to launch in 2023, while Abra International is expected to launch by the end of 2022.

By Mary Liu