Abra, the crypto wealth management firm, has announced that it has raised $55 million in its Series C funding round that was led by IGNIA and Blockchain Capital and other investors included Kingway Capital and Tiga Investments.
The company is expected to use these funds to further bolster its crypto offering for its clients and also upgrade its platform and features as the company is looking to target high net worth individuals and institutional investors in the next round of sales and marketing. The company says that its revenue has grown 10 times over the last 1 year and this is mainly due to the volatility in the crypto markets and increased interest among the traders and investors for crypto products and instruments. The company has also reported that it has over 150,000 monthly users.
“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. Our vision of crypto-centric banking is coming to life in front of our eyes, and Abra is excited to serve as a leader in the space,” said Bill Barhydt, founder and Chief Executive Officer of Abra. “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.”
The company has added an OTC trading desk as it has realized that with the large investors coming into the platform, the ticket sizes for the trades are also likely to increase, and in such situations, having an OTC trading desk would be useful for the company and the large investors as well. It has also enhanced its sales service and marketing team in the Americas, Europe, and Asia over the last year which has placed it in a prime position to make full use of the growth in the interest for trading and investing in cryptos. The company also has a loan product that is backed by cryptos but it has to be noted that the regulators around the world have not yet reconciled to seeing cryptos being used for the mainstream and hence in some regions, Abra might face some issues with the regulators just like how Coinbase has been battling with the SEC over the last few weeks. Coinbase and Binance should be the prime examples for Abra as it looks to tackle regulators from around the world.