Stellar Development Foundation invests $5 million in crypto wallet provider Abra

Investments • May 7, 2020, 1:20AM EDT
The Block

The Stellar Development Foundation, a non-profit that supports the development of the Stellar blockchain, has invested $5 million in crypto wallet provider Abra.

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Announcing the news on Wednesday, the foundation said its investment would help Abra to expand its products and services on the Stellar network.

“Our goal is to democratize access to financial services… As we integrate with Stellar, we’re going to be able to build the next generation of banking [infrastructure],” said Abra CEO Bill Baryhdt.

It remains unclear what specific offerings Abra is looking to build on Stellar. Lomesh Dutta, VP of Growth at Abra told The Block that the firm will announce "product details surrounding our Stellar partnership in the coming months."

Abra currently provides an investment app that enables users to invest in over 100 cryptocurrencies, as well as stocks and exchange-traded funds or ETFs.

Founded in 2014, Abra is backed by notable investors, including American Express Ventures and electronics manufacturing giant Foxconn. Wednesday’s $5 million investment comes in addition to over $30 million Abra has raised to date.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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