Abra, a cryptocurrency administration platform, right this moment introduced it has raised $55 million in Collection 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 embrace 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 clients.
Abra’s Collection C financing will allow the corporate to additional increase its product crew into new choices for wealth administration, buying and selling, and funds; scale its advertising and marketing crew; and develop the corporate’s excessive web price and institutional gross sales choices.
Over the past yr, Abra has expanded its crew, together with lately forming an OTC buying and selling desk and scaling its non-public consumer providers gross sales group within the Americas, Europe, and Asia.
Moreover, Abra stories that over the past yr its revenues have elevated greater than ten-fold, whereas its custody providers, Abra Commerce and Abra Earn, went from zero to $1 billion in AUM, with zero defaults. Furthermore, on this similar time, Abra’s 155,000 month-to-month customers have processed over $4 billion in transactions
“I’m happy with what the Abra crew has achieved, and we sit up for persevering with to scale our platform and serve our clients as their trusted and compliant crypto banking platform.”
– Invoice Barhydt, founder and Chief Government Officer of Abra
Not too long ago, Abra added Robert Valdes-Rodriguez as World 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 increase world development, 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.