Foxconn led bitcoin start-ups Abra B $16 million round of financing

Foxconn led bitcoin start-ups Abra B $16 million round of financing


Bitcoin start-ups Abra completed $16 million B round of financing, this round of financing by the manufacturing giant Foxconn Technology Group led.

This announcement was held in Las Vegas in today’s Money2020 conference, and the capital is also the Abra’s total funding of more than $30 million. The other participants in this round of financing include new investors Silver8Capital, Ignea, and Abra in the last round of financing of ArborVentures, American Express, JungleVentures, LehrerHippeau and RRE.

However, it is also worth noting that the current round of financing, mark the first time Foxconn to invest in bitcoin based company.

Although Foxconn has the application of block chain technology in supply chain management were tested, but the Abra investment shows that famous for Apple mobile phone manufacturers companies are willing to accept the other potential case. Because Abra is a bitcoin remittance application supply company, application of the investment can be interpreted as a B2C and inclusive financial aspects.

However, Abra founder and CEO of BillBarhydt quickly pointed out that he believes the company’s technology has more extensive influence, including may attract large manufacturing companies concerned.

Have to achieve a bitcoin micro payment contract and intelligent platform, Barhydt even expected Abra technology can support a new type of consumer credit products. In this vision, refrigerator, TV and other household appliances manufacturers to not want to pre pay the full value of all people — and the use of electrical appliances lease block chain technology incentive consumer installment.

Barhydt told CoinDesk:

“We expect the consumer financial assets there will be a new market, and the market will continue to grow.”

To be sure, the intelligent networking equipment contracts and related ideas have been discussed for many years, but so far did not show any results. In addition, Foxconn is the only investment only, no manufacturer promised to test the idea proposed by Barhydt.

But Foxconn believes that this idea is very attractive. The manufacturer of the international venture capital institutions HCM founder and managing partner of JackLee, said he believed that Abra can through the credit service solutions in what he called “a new era of inclusive finance”.

In an interview with the CoinDesk, Lee added, from a business perspective, “and only rely on hardware profits, the company can earn more profits by providing financial services.

The concept of leasing another good sign is in fact, except for a company like apple to free, Foxconn also has a consumer appliance brand SHARP.

Barhydt said:

“I hope they will become one of the company’s manufacturing first try this concept of [].”

Broad vision

Although these plans are full of ambition, but this is not without precedent.

Barhydt this new vision of inspiration from his travels in Africa, where he saw the solar company how to embed the cellular modem in hardware, thus the integration of the product to the mobile money systems (such as Kenya M-PESA). If consumers have weekly payment, then the solar light will work, if not, they will be remotely shut off lights.

Barhydt called the PAYG “jukebox mode”, which makes the price of solar power is more reasonable, and used a wider range.

Barhydt believes that bitcoin makes the consumer financing model can be replicated in the global scope, applicable to a broader consumer purchases, especially in the context of the use of Abra. Although the use of Abra flagship payment application consumers can hold the balance to the local currency (actually bitcoin, the use of smart, but consumers can hedge contracts) with bitcoin wallet transfers, in between and as everyone knows there is no borders.

Barhydt said the global influence allows manufacturers to provide digital credit of this type to a number of local consumers.

He said:

“If I want to transport equipment to anywhere in the world, without modifying the equipment or limit the equipment delivery place, I need a work in any country can guarantee payment instruments.” At the same time, he added:

“I believe Abra and the way we use bitcoin can solve this problem. Another way is to find a between countries of different payment modes.”

Technological uncertainty

Of course, this new consumer credit case depends on bitcoin can solve the existing problem of expansion for a long time, and can reduce the network transaction cost, only in this way can the conventional micro payment is feasible.

This is a fairly large “prerequisite readily accepted the Barhydt”.

He said:

“Everything I said is a prerequisite for successful completion of the expansion in the bitcoin hypothesis.”

This means that Barhydt believe that in the short term, the increase of bitcoin block size caused by capacity, which he is expected to support implementation of reason in mid November, the controversial Segwit2x hard bifurcation.

However, although around bitcoin exists a lot of uncertainty, but Barhydt said he believes bitcoin is only “qualified” implementation of Abra for smart investment products and contract payment agreement, an agreement is also now the consumer is expected to create a precedent for asset financing.

He said, unlike bitcoin, although the etheric Fang is built specifically for intelligent contracts, but the Ethernet agreement “there is still a lot of workshop safety problems”.

Barhydt said, and intelligent contract Abra basically can be summed up as: under certain conditions, the value will be transferred from A to B, and the processing of such a simple enough bitcoin contract,

He said:

“If I need a Turing complete intelligent contract to achieve my vision, then bitcoin may be difficult to achieve. But we trust the reason is that bitcoin bitcoin Abra does not need to do a lot of things, bitcoin’s task is to put this simple things done very well.”

Barhydt concluded:

Bitcoin has not been hacked, because it is not many responsibilities. And this is the advantage of bitcoin.”

Leave a Reply

Your email address will not be published. Required fields are marked *