The Farm at Okefenokee First to Use New Bitcoin Program

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NEW YORK – Abra, a global platform for digital asset prime services and wealth management, today announced a partnership with BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services. 

Via the Abra and Bitpay partnership Bitpay merchants will have access to a bitcoin-backed loan product for their customers to make purchases.

Abra, via its subsidiary, Abra Capital Management LP (ACM), will support BitPay merchant customers that want to borrow against their BTC collateral to make purchases. Customers pledge bitcoin as collateral to a loan, then use the loan proceeds to fund high value purchases. Once the loan is paid off, the bitcoin is returned to the borrower’s wallet.

The Farm at Okefenokee, a 705-acre regenerative farming community in Folkston, Ga., is the first merchant to use this partnership to offer bitcoiners a way to purchase cabins at the farm. The community at The Farm enjoys a modern, self-sufficient lifestyle with like-minded neighbors and bitcoiners. Other BitPay merchants may now offer this product so that consumers can make purchases in the real estate, automotive and luxury goods categories. Contact at info@okefarm.com. 

Abra’s model allows borrowers to get credit against their BTC collateral in several business days and leverages on-chain credit markets that do not have counterparty risk. The borrower’s collateral is segregated in a client vault via ACM, where title to the assets remains with the borrower. Borrowers are able to track their collateral on-chain.

Marissa Kim, Head of Asset Management at Abra, says, “We have seen significant demand for bitcoin-backed loan products from our clients and look forward to facilitating wider adoption of this product as more U.S. consumers have crypto wealth and want to unlock liquidity without selling their crypto.”

“Our partnership with ACM represents the next evolution of bitcoin payments, giving savvy investors the power to spend their bitcoin while maintaining their HODL position,” says BitPay Vice President Merrick Theobald.

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