Abra, a wealth management platform for cryptocurrency investors, has raised $55 million in a Series C funding round led by Ignia and Blockchain Capital.

The new capital will allow the company to strengthen its product team to support the launch of new offerings for wealth management, commerce and payments.

In addition, the firm plans to expand its marketing team and develop its high net worth and institutional sales offerings.

Abra, founded in 2014, has raised more than $85 million to date.

The latest round saw participation from Kingsway Capital, Tiga Investments, and Stellar Development Foundation, as well as several individual investors.

It has also received additional investment from existing investors, including Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors.

Abra allows users to trade over 100 different crypto currencies and borrow dollars against crypto holdings.

The firm posted tenfold growth in revenue last year as its custody services Abra Trade and Abra Earn went from zero to $1 billion in AUM.

Abra founder and CEO Bill Barhydt said: “Cryptocurrencies, NFTs and DeFi are now top of mind for almost every investor. The crypto asset class is growing exponentially, even surpassing the early commercial internet itself.

“Our vision for crypto-centric banking is coming to life in front of our eyes, and Abra is excited to serve as a leader in the space.”

Last year, Abra established an OTC trading desk and expanded its sales group of services for private clients in the Americas, Europe and Asia.

The firm recently appointed Robert Rodríguez as Global Vice President of Sales to accelerate sales for private clients on three continents.

It also hired Caroline Finch as Vice President of Growth and Marketing to manage and expand global growth and Deepak Ghosh as Chief Product Officer to manage the global expansion of its product offerings.

Blockchain Capital Managing Partner Bart Stephens said: “Abra offers unmatched accessibility for every type of investor, which positions the firm well to capitalize on the growth in adoption and interest in cryptocurrency globally.”

Meanwhile, last month, cryptocurrency broker Bitpanda raised $263 million at a valuation of $4.1 billion.

In the same month, crypto platform Aspen Digital raised $8.8 million in a pre-A funding round.