Digital asset management platform Abra is launching Abra Bank, the first regulated crypto bank in the US to provide traditional services to the crypto sector.
Abra CEO Bill Barhydt said that services such as asset storage, lending, escrow and staking have long been in demand among clients of the platform. However, unlike other crypto firms providing such services, Abra Bank will be the first fully regulated cryptocurrency custodial institution in the US.
“As a licensed bank, we no longer need to think about evidence of business transparency or public disclosure. We are confident that we are on the right track, and the largest financial institutions in the world will be focused on cryptocurrencies in 20 years,” Barhydt said.
In addition to Abra Bank, the platform plans to launch a division of Abra International, which will provide similar banking services to customers outside the United States. According to the announcement, the launch of Abra Bank is expected in 2023 and the launch of Abra International in late 2022.
Last year, Abra led several rounds of funding, during which it raised about $85 million. The funds were provided by Blockchain Capital, IGNIA, as well as venture capital firms Amex Ventures, Kingsway Capital, Tiga Investments and Stellar Development Foundation.
Source: Bits
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