Crypto App Abra Raises $55M to Develop High-Net-Worth, Institutional Offerings
The Series C was led by previous backers Ignia and Blockchain Capital, with Kingsway Capital and Tiga Investments listed among new investors.
Sep 15, 2021 at 12:45 p.m. UTCUpdated May 11, 2023 at 4:02 p.m. UTC
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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.
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Jamie Crawley is a CoinDesk news reporter based in London.