Crypto app Abra raises $55m series by Ignia and Blockchain Capital. The wealth management platform will be able to enhance its product team so that it can support the launch of new solutions in the domains of wealth management, commerce, and payments as a result of the new funding.
In addition, the company intends to grow both its high net worth and institutional sales products, as well as its marketing team. Since its inception in 2014, Abra has successfully accumulated more than $85 million in funding. In the most recent funding round, there was involvement from Kingsway Capital, Tiga Investments, and Stellar Development Foundation, in addition to a number of individual investors.
In addition to crypto Abra 55m series Ignia Blockchain, the firm has obtained further funding from previous investors, such as Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Abra provides its users the ability to trade more than 100 distinct cryptocurrencies and to borrow dollars against their cryptocurrency holdings.
Crypto-Centric Banking is Coming to Life
Abra‘s custody offerings, Abra Trade and Abra Earn, grew from zero to $100 billion in AUM in the previous year, which resulted in a tenfold increase in revenue for the company. The previous year, Abra expanded its sales group of services for private clients across the Americas, Europe, and Asia, and it also established an over-the-counter (OTC) trading desk.
Talking about crypto Abra 55m series Ignia Blockchain, Abra founder and CEO Bill Barhydt said: “Cryptocurrencies, NFTs, and DeFi are now top of mind for almost every investor. The crypto asset class is growing exponentially, even surpassing the early commercial internet itself. Our vision for crypto-centric banking is coming to life in front of our eyes, and Abra is excited to serve as a leader in the space.”
Robert Rodrguez was recently named Global Vice President of Sales to increase sales to private clients on three continents. Crypto app Abra has also appointed Caroline Finch as vice president of growth and marketing to oversee and extend global business, as well as Deepak Ghosh as chief product officer to develop and oversee the global expansion of its product offerings.
Talking about crypto Abra 55m series Ignia Blockchain platform, Blockchain Capital Managing Partner Bart Stephens said: “Abra offers unmatched accessibility for every type of investor, which positions the firm well to capitalize on the growth in adoption and interest in cryptocurrency globally.”
During this time, cryptocurrency brokerage firm Bitpanda managed to raise $263 million at a valuation of $4.1 billion late last month. During the same month, the cryptocurrency platform Aspen Digital completed a pre-A financing round and raised $8.8 million.
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