Cryptocurrency wealth management platform Abra has raised $55 million in a Series C funding round led by Ignia and Blockchain Capital.
Kingsway Capital, Tiga Investments, the Stellar Development Foundation, Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors joined the round.
Founded in 2014 by Bill Barhydt, Abra’s hundreds of thousands of users earn high yield on their crypto assets, trade over 100 different crypto currencies and borrow dollars against crypto holdings.
The firm has processed over one billion dollars in crypto backed loans and in the last year has seen revenues increase ten-fold.
The new financing will be used to beef up the Abra product team into new offerings for wealth management, trading, and payments; scale the marketing team; and develop high net worth and institutional sales offerings.
Says Barhydt: "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."