Crypto wealth manager Abra bags $55 million Series C raise

Sep 15, 2021 | The Block News | 0 comments

crypto-wealth-manager-abra-bags-$55-million-series-c-raise

A crypto wealth management platform named Abra has closed a $55 million Series C fundraise a little over a year after settling charges with U.S. regulators.

Abra paid $300,000 in July 2020 to both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to settle charges that it sold off-exchange swaps while unregistered.

But the Mountain View, California-based firm has bounced back with a funding injection led by IGNIA and Blockchain Capital, according to a press release.

New investors such as Kingsway Capital, Tiga Investments and the Stellar Development Foundation also joined the round, alongside existing backers including Amex Ventures and CMT Digital Ventures. Founded in 2014, Abra has now raised $85 million to date.

“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,” said Bill Barhydt, Abra’s founder and CEO, in a statement.

The Abra platform lets users trade over 100 different cryptocurrencies and borrow against their holdings. The company claims to have processed over $1 billion in crypto-backed loans to date. In the past year, its revenues have increased ten-fold, according to a press release.

The $55 million will be used to expand the company’s product and marketing team, as well as to further develop its high-net worth and institutional sales products.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Bitcoin price consolidation leans toward ‘another leg higher’

Bitcoin is a way off from its $67,000 all-time high, but analysts say historical data and fractals point toward “another leg” up. On Oct. 22 Bitcoin (BTC) price entered what some traders predict to be a "consolidation phase" as investors lock in profits following a...

Two US banks sign up for bitcoin trading platform from Q2 and NYDIG

New York’s Five Star Bank and California's UNIFY Financial Credit Union are the first U.S. institutions to offer bitcoin trading through a platform from Austin-based Q2 Holdings and New York Digital Investment Group (NYDIG).  Through the so-called Q2 Digital Banking...

Pin It on Pinterest

Share This