Abra, a cryptocurrency administration platform, right this moment introduced it has raised $55 million in Sequence C funding. The spherical was led by IGNIA and Blockchain Capital, with new traders together with Kingsway Capital, Tiga Investments, and the Stellar Growth Basis.
Added investments from current traders embody Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Additionally taking part within the spherical had been a number of Abra Platinum prospects.
Abra’s Sequence C financing will allow the corporate to additional develop its product group into new choices for wealth administration, buying and selling, and funds; scale its advertising group; and develop the corporate’s excessive internet value and institutional gross sales choices.
Over the past 12 months, Abra has expanded its group, together with lately forming an OTC buying and selling desk and scaling its non-public consumer companies gross sales group within the Americas, Europe, and Asia.
Moreover, Abra studies that over the past 12 months its revenues have elevated greater than ten-fold, whereas its custody companies, Abra Commerce and Abra Earn, went from zero to $1 billion in AUM, with zero defaults. Furthermore, on this identical time, Abra’s 155,000 month-to-month customers have processed over $4 billion in transactions
“I’m happy with what the Abra group has achieved, and we sit up for persevering with to scale our platform and serve our prospects as their trusted and compliant crypto banking platform.”
– Invoice Barhydt, founder and Chief Govt Officer of Abra
Lately, Abra added Robert Valdes-Rodriguez as International VP of Gross sales to construct out non-public consumer gross sales throughout all three continents, Caroline Finch as VP Development and Advertising and marketing to handle and develop world progress, and Deepak Ghosh as Director of Product to handle the worldwide growth of Abra’s choices. Lastly, Ben Iiams was lately promoted to VP of Buying and selling and Credit score Markets after a number of years constructing Abra’s teller, buying and selling, and lending infrastructure.