{"id":471672,"date":"2021-09-15T13:56:40","date_gmt":"2021-09-15T13:56:40","guid":{"rendered":"https:\/\/wncen.com\/?p=471672"},"modified":"2021-09-15T14:23:10","modified_gmt":"2021-09-15T14:23:10","slug":"stellar-takes-part-abra-55m-series-c-funding","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/stellar-takes-part-abra-55m-series-c-funding\/","title":{"rendered":"Stellar Development Foundation Takes Part In Abra $55 Million Series C Funding"},"content":{"rendered":"
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.<\/p>\n
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.<\/p>\n
Related Reading |\u00a0<\/strong><\/em>An Introduction To Stellar And XLM: Mission, Control, And Consensus<\/a><\/strong><\/p>\n 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.<\/p>\n The release claims that the funds will be used to expand Abra\u2019s 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.\u00a0 Bill Barhydt, founder, and CEO of Abra said the following:<\/p>\n 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.<\/p><\/blockquote>\n Barhydt claimed to feel \u201cproud\u201d of the Abra team and their accomplishments. The executive expects the platform to keep scaling and growing.<\/p>\n Since 2020, Abra has seen \u201ctremendous\u201d 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.<\/p>\n Related Reading |\u00a0<\/em>Stellar Network To Power New Savings API Launched By Wyre<\/a><\/strong><\/p>\n In the same period, the company\u2019s 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:<\/p>\n 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.<\/p><\/blockquote>\n In 2020, the Stellar Development Foundation made a $5 million investment in Abra. The partners worked to expand Abra\u2019s financial services with Stellar as a blockchain back-end and \u201cdemocratize access\u201d to them for new customers in developing countries.<\/p>\n Related Reading |\u00a0New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/strong><\/em><\/p>\nStellar And Abra\u2019s Shared History Of Crypto Expansion<\/h2>\n