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.

AccessTimeIconSep 15, 2021 at 12:45 p.m. UTC
Updated May 11, 2023 at 4:02 p.m. UTC

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.
  • SEC's Gensler Was 'Consistent' Despite Being 'Fried Like a Chicken' Before the Senate: Kevin O'Leary
    00:59
    SEC's Gensler Was 'Consistent' Despite Being 'Fried Like a Chicken' Before the Senate: Kevin O'Leary
  • Bitcion Mining Is 'Real Estate' Play: Kevin O'Leary
    00:59
    Bitcion Mining Is 'Real Estate' Play: Kevin O'Leary
  • Kevin O'Leary on Institutional Demand for Spot ETH ETFs
    00:58
    Kevin O'Leary on Institutional Demand for Spot ETH ETFs
  • What's Kevin O'Leary's Best Investment Ever?
    31:31
    What's Kevin O'Leary's Best Investment Ever?

  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Read more about