A crypto wealth management platform named Abra has closed a $55 million Series C fundraise a little over a year after settling charges with U.S. regulators.
Abra paid $300,000 in July 2020 to both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to settle charges that it sold off-exchange swaps while unregistered.
But the Mountain View, California-based firm has bounced back with a funding injection led by IGNIA and Blockchain Capital, according to a press release.
New investors such as Kingsway Capital, Tiga Investments and the Stellar Development Foundation also joined the round, alongside existing backers including Amex Ventures and CMT Digital Ventures. Founded in 2014, Abra has now raised $85 million to date.
“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, Abra’s founder and CEO, in a statement.
The Abra platform lets users trade over 100 different cryptocurrencies and borrow against their holdings. The company claims to have processed over $1 billion in crypto-backed loans to date. In the past year, its revenues have increased ten-fold, according to a press release.
The $55 million will be used to expand the company’s product and marketing team, as well as to further develop its high-net worth and institutional sales products.