Asia Express - East Asian ICT
Foxconn Invests USD16 Million for Bitcoin Startup Abra
October 27, 2017

Foxconn recently announced that the company has invested in a bitcoin startup Abra for USD 16 million, the United Daily News reported on October 25. This has brings Abra's total funding to over USD 30 million. This is the first time Foxconn investing in a company that uses the bitcoin Blockchain to make transfers, demonstrating Foxconn's ambition to tap into this new technological wave. One of the reasons behind this investment is that Foxconn can leverage Abra's technology to provide a consumer peer-to-peer mobile payment service. This enables users to withdraw and deposit cash at "Abra Tellers" which can be individuals or businesses. On top of that, with Abra's technology, any makers of home appliances such as refrigerators and TVs to lease to people and give them incentive to make installment payments. Abra's service is currently only available via an app on Android and iOS devices in the United States and the Philippines. Now with the additional funding from Foxconn, Abra is able to drive the  global expansion.