Crypto platform Abra unveils token-based rewards program

Crypto asset management platform Abra has revealed ‘Abra Perx Rewards’ – a program that enables users to earn incentivised rewards and ownership benefits with the CPRX token. 

The program includes cashback incentives on trades, bonus yields on deposited assets, lower rates on collateralised loans and new-user rewards for first-time customers.

Abra users will also receive an airdrop based on their historic usage of the platform. Additionally, a launch promotion offering customers ‘accelerators’ on their CPRX rewards will run to incentivise the deposit of assets.

Users can hold and stake their CPRX tokens on Abra for the additional benefits or exchange them via the Abra Trade feature for leading cryptocurrencies including Bitcoin, Ethereum and USDC.

Founder and CEO of Abra – Bill Barhydt – spoke of how the token will reward its customer base for their loyalty to the Abra platform.

“The token economy is booming,” he said.

“We wanted to find a unique way to reward our loyal customers via this new token economy while doing something totally unique.

“Crypto Perx represents the perfect opportunity to do just that.”

The utility token was created for Abra by the newly formed Crypto Banking Alliance (CBA), which aims to promote the “seamless application and adoption of cryptocurrency” into future banking platforms.

The tentative launch date for the CPRX token is scheduled to be November 15, according to the CBA. The platform also noted that CPRX is due to be listed on several cryptocurrency exchanges and DEX liquidity pools.

Julian Hardy, founder and Managing Director of the Crypto Banking Alliance, noted how Abra was putting customers first with the rewards program.

“Abra is a true trailblazer in crypto wealth management and their customer-centric crypto banking strategy makes them the perfect launch partner for CPRX in the wallet space,” he said.

The launch of Abra Perx follows a year of incredible growth and a recent Series C $55 million funding round for the wealth management platform. It boasts 155,000 monthly users and has processed more than $4 billion in transactions over the past year.

Its landmark products Abra Trade and Abra Earn have also skyrocketed the Assets under Management (AUM) on Abra to $1b in the same period.