New York residents can only hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on Abra. The restrictions all relate to local regulatory hurdles.
Cointelegraph has reached out to both Abra and its CEO, Bill Barhydt, for more details, but has not received a response as of press time.
Institutions take the lead
Abra focuses on the slowly-expanding consumer adoption curve for cryptocurrency, at a time when attention continues to focus on the institutional sector as fresh offerings come online.
As Cointelegraph previously reported, institutional trading platform Bakkt released its Bitcoin custody solution this week, something it considered a critical step to broader adoption.
The sentiment was previously echoed by Bitcoin proponent and venture capital investor Mike Novogratz.
“Bakkt just got set up, there’s a futures exchange that’s starting to gain some volume. But more importantly they’ve got a custody solution that’s just coming online… world-class custody which allows more and more people to feel comfortable with it,” he said in an interview late last month.