Digital asset management company Abra has completed another round of funding, which raised $ 55 million.
Last year, U.S. regulators imposed fines on startup Abra for unregistered cryptocurrency swap sales. The company paid a total of $ 300,000 in fines. It seems that this did not affect the desire of investors to support Abra.
The funds were provided by Blockchain Capital and IGNIA. Also participating in the funding round were venture capital firms Amex Ventures, Kingsway Capital, Tiga Investments and the Stellar Development Foundation. For all rounds of funding, Abra received $ 85 million. The funds received in the current round will be used to expand the team and create new products that are attractive to large investors.
“Cryptocurrencies, NFT and DeFi are now in the spotlight for most investors. The cryptoasset class is growing at an exponential rate, even faster than the initial e-commerce sector. Our views on cryptocurrency banking are being implemented right now and we are delighted to be a leader in the field, ”said Bill Barhydt, founder and CEO of Abra.
The Abra platform allows users to trade various cryptocurrencies and use these assets as collateral for loans. Loans worth more than $ 1 billion have already been issued secured by cryptocurrencies, and last year the company’s revenue increased tenfold.
Bill Barheidt predicted a Bitcoin rally in the fall of 2020 and transferred half of his investment portfolio to Bitcoin.
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