Abra, a blockchain-based remittance service, has announced it has raised $55 million in Series A funding round led by IGNIA and Blockchain Capital. Investors in the round include Kingsway Capital, Tiga Investments and the Stellar Development Foundation.
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Total funding to date is over $85 million. The company plans to expand its staff with new offerings for wealth management, trading, payments.
"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," said Bill Barhydt, Abra Founder and CEO.
According to a press release, the Mountain View-based company has increased its revenue by 10x, while custody services, Abra Trade and Abra Earn, went from 0 to $1 billion in assets under management. The service also counts 155,000 monthly customers who processed over $4 billion in transactions in the same timeframe.
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