Crypto trading platform Abra reportedly revealed it is at the moment “in the process of” forming a United States-based state-chartered bank offering digital assets deposit feature to customers.

Specifically, Abra reportedly revealed that the bank, going by the name “Abra Bank”, would be obtaining sufficient regulation to function within the U.S. and offer clients the ability to utilize crypto assets in seemingly the similar measure as fiat at traditional banks. 

The firm further has plans down its pipeline to roll out “Abra International”, a virtual asset-centric business headquartered outside America.

“The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency,” said Abra.

The introudction timeline for two ventures were 2023 and 2022 respectively. Abra disclosed details of both institutions would collaborating with authoriative entities to stay compliant with legal and regulations, offering “on-ramps, off-ramps, and transactional services” for cryptocurrencies. 

Founder and current Head Bill Barhydt further remarked via a Twitter post that the U.S.-based bank is having intentions of releasing services catering to nonfungible tokens and custody, with the release date no later than the first quarter of next year.

In September last year, Abra reportedly managed to reel in $55 million of capital injection via fundraising led by Amex Ventures and others to develop its product offerings in wealth management. 

At the moment, the firm providing management services of over $1.5 billion in assets at the time of publication.