Leading wealth management platform Abra has achieved Series C funding with participation from the Stellar Development Foundation. The company raised $ 55 million in the round led by major industry players, such as IGNIA and Blockchain Capital.
The Stellar Development Foundation was one of the company's new investors alongside of Kingsway Capital and Tiga Investment. In addition, Abra has received investments from Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures and Kenetic Advisors.
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Other relevant names have been involved in funding Series C, according to a press release. The wealth management platform has increased its total funding to over $ 85 million since its inception.
The statement claims the funds will be used to expand Abra's team to new offerings including wealth management, trading and payments, so why the Stellar Development Foundation investment might have a relevant role to achieve this goal Bill Barhydt, Founder and CEO of Abra, said the following:
Barhydt said he felt "proud" of the Abra team and their accomplishments. The executive expects the platform to continue to evolve and grow.
Stellar and Abra's shared history of crypto expansion
From2020, Abra has seen "huge" growth, according to the press release. The company reports a tenfold increase in revenue and an AUM of $ 0 billion to $ 1 billion for its custody services, Abra Trade and Abra Earn.
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During the same period, the company's 155,000 monthly users processed 4 billion dollars. dollars in transactions. In that sense, Bart Stephens, Managing Partner of Blockchain Capital, said the following about his latest Series C funding:
In 2020, the Stellar Development Foundation made an investment of $ 5 million. dollars. to Abra. Partners have worked to expand Abra's financial services with Stellar in tant that back-end blockchain and to "democratize access" for new customers in developing countries.
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At the time, Stellar Development Foundation CEO Denelle Dixon says :
Alvaro Rodriguez Arregui, Managing Partner of IGNIA, added:
At the time of writing, XLM is trading at $ 0.33 with a 3.8% profit on the daily chart .
XLM with small profits in the daily chart. Source: XLMUSDTTradingview