Crypto app Abra will benefit from a $5 million financial boost from the Stellar Enterprise Fund, as the San Francisco based platform prepares to move its network onto the Stellar blockchain.
Bitcoin remittances platform Abra has received a major boost as it is set to add $5 million to its coffers from the Stellar Development Foundation (SDF).
In an announcement made this Wednesday, Abra and the Stellar Development Foundation confirmed the deal to have the startup receive capital. The companies also reiterated the importance of their upcoming partnership, noting that the move would help in strengthening network development.
The funding comes as the SDF looks to welcome Abra to the Stellar blockchain. It also marks the development enterprise’s single largest outlay ever.
Speaking to crypto publication CoinDesk, Stellar Foundation’s chief Denelle Dixon noted that their interest is to see the Stellar network grow. The SDF chief added that advancing the $5 million to Abra would benefit Stellar in the long term.
According to her, Abra brings with it “market-established” next-gen financial technology and the blockchain platform would greatly benefit from the startup’s “portfolio of financial services” that is on the rise.
Abra had raised more than $40 million in funding. With this extra cash in its coffers, the platform wants to build its next banking tool. The financial firm’s CEO Bill Barhydt noted that Stellar provides that opportunity as it can support a legacy banking infrastructure.
SDF founder and former Ripple exec Jed McCaleb lauded the investment and partnership, saying that it provides an opportunity for growth.
Growing the Abra brand
Abra provides for a crypto investment app whose wallet offering allows investors to access Bitcoin and other cryptocurrencies from across the globe. Since its launch in 2014, the firm has grown its services and reach to garner attention and support of several players within the venture capital industry.
The app has also added to its initial crypto offering to see most of the top crypto assets available to investors. The trajectory has also seen it provide investors with an opportunity to trade exchange-traded funds (ETFs).
Although the services have partnered with several banks in the U.S, regulatory uncertainty means its footprint isn’t as widespread as in some countries. The app launched one of its most telling and impactful projects when it rolled out its cash-to-crypto outlets in the Philippines.
Abra is available in 155 countries.