Stellar Development Foundations Takes Part In Abra $55 Million Series C Funding
September 15 2021 - 9:56AM
NEWSBTC
Leading wealth management platform Abra completed a Series C
funding with participation from the Stellar Development Foundation.
The company raised $55 million in the round led by major players in
the industry, such as IGNIA and Blockchain Capital. The Stellar
Development Foundation was one of the new investors in the company
alongside Kingsway Capital and Tiga Investment. In addition, Abra
received investments from Lerer Hippeau Ventures, Amex Ventures,
Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic
Advisors. Related Reading | An Introduction To Stellar And
XLM: Mission, Control, And Consensus Other relevant names
participated in the Series C funding, according to a press release.
The wealth management platform increased its total funding to more
than $85 million since its creation. The release claims that the
funds will be used to expand Abra’s team into new offerings which
include wealth management, trading, and payments. Thus, why the
investment from the Stellar Development Foundation could have a
relevant role to achieve this goal. Bill Barhydt, founder,
and CEO of Abra said the following: Cryptocurrencies, NFTs and DeFi
are now top of mind for almost all investors. The crypto asset
class is growing exponentially, even outpacing the early commercial
Internet itself. Our vision of crypto-centric banking is coming to
life in front of our eyes, and Abra is excited to serve as a leader
in the space. Barhydt claimed to feel “proud” of the Abra team and
their accomplishments. The executive expects the platform to keep
scaling and growing. Stellar And Abra’s Shared History Of Crypto
Expansion Since 2020, Abra has seen “tremendous” growth, according
to the press release. The company records a ten-fold increase in
revenues, and a 0 to $1 billion in assets under management (AUM)
for its custody services, Abra Trade and Abra Earn. Related Reading
| Stellar Network To Power New Savings API Launched By Wyre In
the same period, the company’s 155,000 monthly users have processed
$4 billion in transactions. In that sense, Bart Stephens, Managing
Partner at Blockchain Capital, said the following on its latest
Series C Funding: We believe Abra is on an exciting growth
trajectory, led by a strong management team with an understanding
of the long-term potential for cryptocurrencies. Abra offers
unmatched accessibility for every type of investor which positions
the company well for capitalizing on the growth in adoption and
interest in cryptocurrencies globally. In 2020, the Stellar
Development Foundation made a $5 million investment in Abra. The
partners worked to expand Abra’s financial services with Stellar as
a blockchain back-end and “democratize access” to them for new
customers in developing countries. Related Reading | New To
Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course At
the time, the CEO of the Stellar Development Foundation Denelle
Dixon said: Abra is building a product portfolio of financial
services that aligns directly with our mission to create equitable
access to the global financial system. They’re committed to
providing innovative investment opportunities in underserved,
capital-scarce markets. Alvaro Rodriguez Arregui, a Managing
Partner of IGNIA, added: Abra is perfectly positioned to execute on
its mission to expand access to crypto assets in a safe and secure
way for customers. As international investors ourselves, we
recognize the need for safe and reliable access to the crypto
ecosystem and are excited to support Abra. At the time of writing,
XLM trades at $0,33 with a 3.8% profit in the daily chart.
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