Abra, a cryptocurrency management platform, today announced it has raised $55 million in Series C funding. The round was led by IGNIA and Blockchain Capital, with new investors including Kingsway Capital, Tiga Investments, and the Stellar Development Foundation.
Added investments from existing investors include Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Also participating in the round were several Abra Platinum customers.
Funding
Abra’s Series C financing will enable the company to further expand its product team into new offerings for wealth management, trading, and payments; scale its marketing team; and develop the company’s high net worth and institutional sales offerings.
During the last year, Abra has expanded its team, including recently forming an OTC trading desk and scaling its private client services sales group in the Americas, Europe, and Asia.
Additionally, Abra reports that during the last year its revenues have increased more than ten-fold, while its custody services, Abra Trade and Abra Earn, went from zero to $1 billion in AUM, with zero defaults. Moreover, in this same time, Abra’s 155,000 monthly users have processed over $4 billion in transactions
“I’m proud of what the Abra team has accomplished, and we look forward to continuing to scale our platform and serve our customers as their trusted and compliant crypto banking platform.”
– Bill Barhydt, founder and Chief Executive Officer of Abra
Recently, Abra added Robert Valdes-Rodriguez as Global VP of Sales to build out private client sales across all three continents, Caroline Finch as VP Growth and Marketing to manage and expand global growth, and Deepak Ghosh as Director of Product to manage the global expansion of Abra’s offerings. Lastly, Ben Iiams was recently promoted to VP of Trading and Credit Markets after several years building Abra’s teller, trading, and lending infrastructure.