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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Stellar Development Foundation Takes Part In Abra $55 Million Series C Funding

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Stellar Lumens XLM XLMUSDT

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Leading wealth management platform Abra completed a Series C funding with participation from the Stellar Development Foundation. The company raised $55 million in the round led by major players in the industry, such as IGNIA and Blockchain Capital.

The Stellar Development Foundation was one of the new investors in the company alongside Kingsway Capital and Tiga Investment. In addition, Abra received investments from Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors.

Related Reading | An Introduction To Stellar And XLM: Mission, Control, And Consensus

Other relevant names participated in the Series C funding, according to a press release. The wealth management platform increased its total funding to more than $85 million since its creation.

The release claims that the funds will be used to expand Abra’s team into new offerings which include wealth management, trading, and payments. Thus, why the investment from the Stellar Development Foundation could have a relevant role to achieve this goal.  Bill Barhydt, founder, and CEO of Abra said the following:

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.

Barhydt claimed to feel “proud” of the Abra team and their accomplishments. The executive expects the platform to keep scaling and growing.

Stellar And Abra’s Shared History Of Crypto Expansion

Since 2020, Abra has seen “tremendous” growth, according to the press release. The company records a ten-fold increase in revenues, and a 0 to $1 billion in assets under management (AUM) for its custody services, Abra Trade and Abra Earn.

Related Reading | Stellar Network To Power New Savings API Launched By Wyre

In the same period, the company’s 155,000 monthly users have processed $4 billion in transactions. In that sense, Bart Stephens, Managing Partner at Blockchain Capital, said the following on its latest Series C Funding:

We believe Abra is on an exciting growth trajectory, led by a strong management team with an understanding of the long-term potential for cryptocurrencies. Abra offers unmatched accessibility for every type of investor which positions the company well for capitalizing on the growth in adoption and interest in cryptocurrencies globally.

In 2020, the Stellar Development Foundation made a $5 million investment in Abra. The partners worked to expand Abra’s financial services with Stellar as a blockchain back-end and “democratize access” to them for new customers in developing countries.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

At the time, the CEO of the Stellar Development Foundation Denelle Dixon said:

Abra is building a product portfolio of financial services that aligns directly with our mission to create equitable access to the global financial system. They’re committed to providing innovative investment opportunities in underserved, capital-scarce markets.

Alvaro Rodriguez Arregui, a Managing Partner of IGNIA, added:

Abra is perfectly positioned to execute on its mission to expand access to crypto assets in a safe and secure way for customers. As international investors ourselves, we recognize the need for safe and reliable access to the crypto ecosystem and are excited to support Abra.

At the time of writing, XLM trades at $0,33 with a 3.8% profit in the daily chart.

Stellar XLM XLMUSDT
XLM with small profits in the daily chart. Source: XLMUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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