Stellar Development Foundation invests $5 million in crypto wallet provider Abra

Investments • May 7, 2020, 1:20AM EDT
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The Stellar Development Foundation, a non-profit that supports the development of the Stellar blockchain, has invested $5 million in crypto wallet provider Abra.

Announcing the news on Wednesday, the foundation said its investment would help Abra to expand its products and services on the Stellar network.

“Our goal is to democratize access to financial services… As we integrate with Stellar, we’re going to be able to build the next generation of banking [infrastructure],” said Abra CEO Bill Baryhdt.

It remains unclear what specific offerings Abra is looking to build on Stellar. Lomesh Dutta, VP of Growth at Abra told The Block that the firm will announce "product details surrounding our Stellar partnership in the coming months."

Abra currently provides an investment app that enables users to invest in over 100 cryptocurrencies, as well as stocks and exchange-traded funds or ETFs.

Founded in 2014, Abra is backed by notable investors, including American Express Ventures and electronics manufacturing giant Foxconn. Wednesday’s $5 million investment comes in addition to over $30 million Abra has raised to date.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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