BS Reporter  | Bengaluru October 24, 2015 Last Updated at 00:48 IST ALSO READ Hope PM's visit energises people in Silicon Valley: Sundar Pichai Simplilearn acquires Silicon Valley-based Market Motive for $10 mn Tata Trusts to be a founding partner of Bharat Fund Modi woos Silicon Valley giants Personal assistance app Haptik gets Silicon Valley veteran on board Abra, a Silicon Valley bitcoin startup, on Thursday revealed it had raised money from Tata Sons chairman emeritus Ratan Tata and American Express, as part of its $12-million Series-A funding.Abra raising funds was reported last month, but the company did not reveal Tata’s participation then.These are the first investments in the crypto-currency world for both American Express and Ratan Tata, a statement from the company said.(Bitcoin is a system of electronic money, used for buying and selling online and without the need for a central bank.Bitcoin is also a unit of the bitcoin electronic system of money.)

Tata has been investing in Indian, as well as international start-ups, for about a year.He has invested in companies such as Ola, Paytm, Snapdeal, Urban Ladder, Bluestone, and CarDekho.Tata has invested in at least 12 start-ups in the past year.He is also an advisor to private equity firms IDG Ventures, Kalaari Capital, and Jungle Ventures.Using the Abra app, users can store digital cash and send money to any smartphone.It uses a network of individuals or businesses earning money by buying and selling digital cash to and from any consumer via the Abra app.The company also announced that all registered users in the US and the Philippines will soon be able to use the Abra app.Currently, the app is available on Android and iOS.(iOS is an operating system used for mobile devices manufactured by Apple Inc.)Abra also announced its entry into online, digital cash-based merchant payments.“As people and businesses transact more globally, there’s a need for more convenient and affordable ways to move money, and we think the blockchain could play an important role in the evolution of money transfer and commerce, especially in emerging markets,” said Harshul Sanghi, managing partner, American Express Ventures.

Abra also announced a set of new services and features to support global online merchants who wish to accept digital cash via the Abra app.Any merchant who integrates the Abra Merchant app into their web or mobile app can allow a consumer to pay for any product or service by typing in their mobile phone number at checkout.ethereum beginners guideMINING DIGITAL GOLD Abra, a Silicon Valley bitcoin startup, on Thursday revealed it had raised money from Tata group chairman emeritus Ratan Tata and American Express, as part of its $12-million Series-A funding These are the first investments in the crypto-currency world for both American Express and Ratan Tata, a statement from Abra said Tata has been investing in Indian, as well as international technology start-ups, for about a year Authorisation and settlement take place as soon as the consumer confirms the transaction via the Abra app.bitcoin ipa

The global launch of the Merchant API (application program interface) service of Abra is expected later this quarter.“Abra foresees the convergence of payments and money transfer for these consumers into a single, global digital cash network that addresses all of these problems,” said Bill Barhydt, chief executive officer and founder of Abra.bitcoin moeda digitalAbra, a bitcoin-powered remittance app, has secured an undisclosed amount in funding from Tata Sons’ chairman emeritus Ratan Tata and American Express as part of an expanded Series A funding round.litecoin chart difficultyLast month, Abra concluded its Series A round from Arbor Ventures, RRE Ventures, First Round Capital and other investors, taking the total external capital raised to about $14 million.bitcoin litecoin farmer

“These are the first investments in the crypto currency world for both American Express and Ratan Tata,” Abra, which is run by Plutus Financial Inc, said.This would be Tata’s 13th known investment in a new-age technology startup after he retired as Tata Sons’ chairman three years ago.bitcoin 980 gtxCrypto currency means money that is made hidden and private—and therefore secure—by means of encryption, or coding.Bitcoin, which was launched in 2009, is often described as the first crypto currency, even though prior systems existed.Abra claims to be the world’s first peer-to-peer money transfer network for digital cash.Its app combines on-phone storage of digital cash with person-to- person cash transfers.It achieves this through a network of human ATMs, called Abra Tellers, who are essentially individuals or businesses that earn money by transacting in digital cash via the app.Abra uses Bitcoin as the reserve currency.

The Abra app will be available to registered users in the US and Philippines in the coming weeks.Subsequently, it will be made available in other countries.“As people and businesses transact more globally, there’s a need for more convenient and affordable ways to move money, and we think the blockchain (a public ledger of all Bitcoin transactions that have ever been executed) could play an important role in the evolution of money transfer and commerce, especially in emerging markets,” said Harshul Sanghi, managing partner, American Express Ventures.“We’re pleased to invest in Abra…and imagine new possibilities for blockchain technology,” he added.Abra counts Arbor Ventures, Blockchain Capital, Carthona Capital, Cyanotype, Digital Currency Group, First Round Capital, Future Perfect Ventures, Haystack, Jungle Ventures, The Launch Fund, Lehrer Hippeau Ventures, Liberty City Ventures, NYCA, Pantera Capital and RRE Ventures as investors.As per VCCedge, the research platform of VCCircle and Techcircle.in, Tata has been one of India’s most prolific angel investors this year.