Prolific investor Ratan Tata sets his sights on P2P bitcoin startup

Ratan Tata and American Express yesterday announced strategic investments in US-based cryptocurrency startup Abra. This is a part of Abra’s US$14 million Series A round, led by Arbor Ventures, RRE Ventures, and First Round Capital. Although Ratan Tata is one of India’s most active angel investors, this is his first entrance into the world of bitcoin.

Abra uses bitcoins to power its money remittance system and claims to be the world’s first P2P network for transferring digital cash. Users can transfer money into the wallet of anyone using Abra around the world. When a user wishes to withdraw funds, they coordinate with an Abra-certified “human ATM teller” who withdraws the money in the local currency for a small fee.

Merchants can also use Abra to accept payments from their clients by adding its API to their web or mobile apps. Founder Bill Barhydt explains that the app foregoes the monumental fees that users of the US$550 billion remittance market face.

Abra will be available to registered users across the US and the Philippines.

Bitcoin has a diverse reputation around Asia

In the Philippines, bitcoin is popular for its efficiency and affordability.

In India, however, the government has released several warnings regarding the currency’s lack of security. It raided the country’s largest exchange, Buysellbitco.in early last year for operating without proper licenses, but promised that the bitcoin exchange would never be regulated in India.

Neighboring China has had a fraught relationship with bitcoin, going from being the world leader in bitcoin downloads in 2013 to more or less banning the currency from operating without government approval.

Here’s a list of countries around Asia and their relationships with bitcoin.

See: Blockchain tech can eradicate corruption in AsiaDo you trust bitcoin? How often do you use it when paying online?