Abra, a leading wealth management platform for cryptocurrency investors, announced today that it has raised $55 million in Series C funding. The round was led by IGNIA and Blockchain Capital, with new investors including Kingsway Capital, Tiga Investments, and Stellar. Development Foundation. Other investments from existing investors include Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Several Abra Platinum clients, including some of the most prominent individual crypto investors, also participated in the round. The round brings Abra’s total funding to date to more than $85 million since inception.
Abra’s Series C financing will allow the company to further expand its world-class product team into new offerings for wealth management, trading, and payments; scale your marketing team; and develop the company’s fast-growing high net worth and institutional sales offerings.
Abra has experienced tremendous growth over the last year. The company’s revenue has increased more than tenfold, while custody services, Abra Trade and Abra Earn, went from zero to $1 billion in assets under management, with zero defaults. Abra’s 155,000 monthly customers have processed more than $4 billion in transactions in the same time period.
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“Cryptocurrencies, NFTs, and DeFi are now top of mind for almost every investor. The crypto asset class is growing exponentially, even outpacing the early commercial internet itself. Our vision of crypto-centric banking is coming to life before our eyes, and Abra is excited to serve as a leader in the space,” said Bill Barhydt, Founder, and CEO of Abra. “I am proud of what the Abra team has accomplished, and we look forward to continuing to scale our platform and serving our customers as their trusted and supported crypto banking platform.”
“We believe that Abra is on an exciting growth trajectory, led by a strong management team that understands the long-term potential of cryptocurrencies,” said Bart Stephens, managing partner at Blockchain Capital. “Abra offers unmatched accessibility for all types of investors, well-positioning the company to capitalize on the growth in global cryptocurrency adoption and interest.”
“Abra is perfectly positioned to execute its mission of expanding access to crypto assets in a secure way for customers,” said Álvaro Rodríguez Arregui, Managing Partner of IGNIA. “As international investors, we recognize the need for safe and reliable access to the crypto ecosystem and are excited to support Abra.”
Over the past year, Abra has rapidly expanded its team, including the recent formation of an OTC trading desk and the expansion of its private client services sales group in the Americas, Europe, and Asia. Abra also recently brought on board Robert Valdes-Rodriguez as Global VP of Sales to develop private client sales across three continents, Caroline Finch as VP of Growth and Marketing to manage and expand global growth, and Deepak Ghosh as Chief Product Officer to manage global expansion. of Abra’s product offerings. In addition, Ben Iiams was recently promoted to vice president of trading and credit markets after spending several years building Abra’s industry-leading ATM, trading, and lending infrastructure.
About Abra
Abra is the leading wealth management platform for cryptocurrencies. Founded in 2014 by Bill Barhydt, Abra’s hundreds of thousands of users earn high returns on their crypto assets, trading over 100 different cryptocurrencies and borrowing dollars in exchange for crypto assets. Abra has processed over $1 billion in crypto-backed loans and paid out millions of dollars in interest payments to retail and institutional clients alike. Abra is headquartered in Silicon Valley with offices around the world. For more information, visit https://www.abra.com/.
