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Crypto App Abra Raises $55M to Develop High-Net-Worth, Institutional Offerings

Crypto app Abra has raised $55 million in Series C funding to develop new offerings geared toward high-net-worth and institutional clients.

  • The funding round was led by previous backers Ignia and Blockchain Capital, with Kingsway Capital and Tiga Investments listed among new investors.

  • The Stellar Development Foundation also joined the funding round, having pumped $5 million into Abra in May 2020 ahead of the platform’s integration with the Stellar network.

  • Abra plans to use its latest funding to develop new offerings in wealth management, trading and payments for its high-net-worth and institutional clients.

  • Since launching as a bitcoin remittances app in 2014, Abra has steadily expanded its suite of services and grown into scores of different markets through partnerships with fiat-to-crypto gateways.

  • The Silicon Valley-based firm launched its lending and borrowing service in March this year, allowing its claimed global 1 million customers to use their crypto holdings as collateral for loans of fiat currency.

  • Abra’s total funding now stands at over $85 million. The firm’s Series B round raised $16 million in October 2017.

Read more: Billionaire Hedge Fund Manager Steven Cohen to Invest in New Crypto Trading Firm: Report

   

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