Abra, a U.S.-based all-in-one cryptocurrency wallet and exchange, has received $5 million from the Stellar Development Foundation, a decentralized and sustainable network for financial products and services.
Founded in 2014 by Bill Barhydt, serial entrepreneur and global mobile-banking veteran, Abra is an all-in-app where you can buy, sell, and hold 30 cryptocurrencies, 50 fiat currencies, and the first of its kind crypto index (the BIT10). The company’s vision is to open access to the global financial system and drive greater financial inclusion. Abra aims to do this by providing one financial app used by anyone, anywhere in the world to manage and send money.
According to CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, the investment marks the beginning of their partnership to work together towards creating equitable access to financial services that also create new, innovative business opportunities for the Stellar network. Bill Baryhdt, CEO of Abra, also commented:
“As we integrate with Stellar, we’re going to be able to build the next generation of banking, leveraging the network’s ability to use traditional banking infrastructure combined with the innovative opportunities of blockchain technology.”
Abra and the Foundation then added that the investment will provide greater avenues for growth for the Stellar network as users are able to access the global banking infrastructure Abra is building using the Stellar network at its core.