Today Abra announced a $55 million Series C funding round led by IGNIA and Blockchain Capital. Amex Ventures, Lerer Hippeau Ventures and the Stellar Development Foundation also participated.
Amex Ventures is an existing investor who notably describes Abra as a peer-to-peer digital cash network on its website and it’s Amex’s only crypto investment. That’s perhaps because Abra started by focusing on the Philippines remittance market. Now Abra describes itself as a wealth management platform for cryptocurrency investors. It offers typical cryptocurrency exchange services as well as crypto lending where it says it has processed more than a billion dollars in crypto-backed loans.
“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,” said Bill Barhydt, founder and CEO of Abra.
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