Stellar Development Foundation Invests $5 Million in Abra
Investment will bring new products to the Stellar network through Abra's next generation financial technology platform
SAN FRANCISCO, May 6, 2020 /PRNewswire/ -- Today, the Stellar Development Foundation (SDF) announced a $5 million investment in Abra, a next generation financial platform. The investment will facilitate Abra's integration with Stellar as its blockchain back-end and Abra's expansion of financial services that will soon bring an array of new products to the Stellar network.
As a market-established wallet, Abra provides its customers today with investment opportunities in over 100 different cryptocurrencies. As Abra integrates with Stellar, it will be in a position to democratize access to financial services by providing enhanced financial infrastructure to new customers in emerging markets.
About the investment, CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon said, "Abra is building a product portfolio of financial services that aligns directly with our mission to create equitable access to the global financial system. They're committed to providing innovative investment opportunities in underserved, capital-scarce markets. This investment marks the beginning of our partnership to work together towards creating equitable access to financial services that also create new, innovative business opportunities for the Stellar network."
Founded in 2014, Abra is a proven market leader of financial services for cryptocurrency, equipped with the knowledge and expertise necessary to harness the opportunities and navigate the challenges of the rapidly evolving blockchain industry. Abra's success in the market as a leading wallet serves as the foundation for expanding its crypto-banking infrastructure to enable financial services for users around the world, regardless of currency or location.
Bill Baryhdt, CEO of Abra, said, "Our goal is to democratize access to financial services, and we can't think of a better partner than the Stellar Development Foundation to help us achieve that goal. As we integrate with Stellar, we're going to be able to build the next generation of banking, leveraging the network's ability to use traditional banking infrastructure combined with the innovative opportunities of blockchain technology."
This investment will provide greater avenues for growth for the Stellar network as users are able to access the global banking infrastructure Abra is building using the Stellar network at its core.
SDF co-Founder and Chief Architect, Jed McCaleb said, "With Abra joining the Stellar ecosystem, we add a compelling tool for developers to create even more innovative, readily available business models on the network. We've seen the growth these types of products have enabled in other ecosystems and we're excited to bring that to Stellar. Because we believe that our anchor network, with on- and off-ramps into the real world, will make this uniquely valuable to our developers. These are the ways we'll accelerate growth and build long term success on the network."
This is SDF's second investment from its enterprise fund, an account dedicated to fostering sustainable Stellar use cases.
About Abra
Abra is the world's first global investment app designed for the future of finance. Abra empowers users in more than 150 countries to invest in hundreds of cryptocurrencies via a single app while giving users the freedom to buy, sell, hold, exchange and send them anywhere, anytime.
Abra's vision is to open access to the global financial system and drive greater financial inclusion. Abra aims to do this by providing one financial app used by anyone, anywhere in the world to manage and send money.
About Stellar
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 4 million accounts.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology.
SOURCE The Stellar Development Foundation
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