Crypto Platform Abra Raises $55M in Series C
- The $55 million will be used to expand Abra’s product and marketing team, as well as to further develop its high-net worth and institutional sales products.
- Abra claimed that over the past year it has seen a significant uptake of its trading services, and a ten-fold increase in its revenue.
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Crypto trading platform Abra has closed a $55 million Series C funding round led by IGNIA and Blockchain Capital, bringing the total funds raised by the firm to $85 million, Abra said in a press release on 15 September.
According to the announcement, the Series C not only saw participation from existing investors — such as the VC arm of American Express, Lerer Hippeau Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors — but also attracted new investors, including Kingsway Capital, Tiga Investments and the Stellar Development Foundation. Bill Barhydt, founder and CEO of Abra, said in a statement:
“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.”
The newly acquired funds will help the company grow its product offerings, expand its marketing team, and further develop its high-net worth and institutional sales products. Currently, the company allows its users to trade over 100 different cryptocurrencies, and borrow fiat against their crypto holdings.
In its press release, Abra highlighted its trading services have been increasingly more popular over the past year, with the company claiming it now has more than 155,000 monthly users. It also claimed that its revenues have increased ten-fold in only a year, and that it has now processed over $1 billion in crypto-backed loans.
- Expected to launch in Q1 2023, Abra Bank will allow U.S. citizens to deposit and bank digital assets in a similar way to how traditional banks handle fiat.
- It also plans to launch an international unit with similar services to Abra Bank, and a new staking and yield offering, both scheduled for October this year.
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- The funding round saw participation from notable investors such as Alameda Research, FTX exchange, DeFi Technologies, and others.
- SEBA now plans to fund its international expansion, invest in new products, and grow its team in “new priority markets”.
- The $300 million Series C was co-led by Coatue and Paradigm, and also saw participation from new and existing investors.
- OpenSea now plans to launch a grant program in Q1 2022, which will support the developers “shaping the future of the NFT space”.