A crypto wealth administration platform named Abra has closed a $55 million Sequence C fundraise somewhat over a 12 months after settling prices with U.S. regulators.
Abra paid $300,000 in July 2020 to each the Securities and Trade Fee (SEC) and the Commodity Futures Buying and selling Fee (CFTC) to settle charges that it offered off-exchange swaps whereas unregistered.
However the Mountain View, California-based agency has bounced again with a funding injection led by IGNIA and Blockchain Capital, in response to a press launch.
New buyers reminiscent of Kingsway Capital, Tiga Investments and the Stellar Improvement Basis additionally joined the spherical, alongside present backers together with Amex Ventures and CMT Digital Ventures. Based in 2014, Abra has now raised $85 million thus far.
“Cryptocurrencies, NFTs and DeFi at the moment are high of thoughts for nearly all buyers. The crypto asset class is rising exponentially, even outpacing the early industrial Web itself. Our imaginative and prescient of crypto-centric banking is coming to life in entrance of our eyes, and Abra is worked up to function a pacesetter within the house,” stated Invoice Barhydt, Abra’s founder and CEO, in a press release.
The Abra platform lets customers commerce over 100 completely different cryptocurrencies and borrow towards their holdings. The corporate claims to have processed over $1 billion in crypto-backed loans thus far. Up to now 12 months, its revenues have elevated ten-fold, in response to a press launch.
The $55 million shall be used to develop the corporate’s product and advertising crew, in addition to to additional develop its high-net value and institutional gross sales merchandise.