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

The Stellar Development Foundation, a non-profit that supports the development of the Stellar blockchain, has invested $5 million in crypto wallet provider Abra.

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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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