Abra Garners $5 Million from Stellar Development Foundation

Published at: May 6, 2020

The Stellar Development Foundation, or SDF, has allocated $5 million to crypto investment app Abra. The company now looks to incorporate the Stellar blockchain into its platform, as well as develop Stellar-based products.    

"We believe Stellar’s platform is one of the most scalable and versatile cryptocurrency platforms available today," Abra CEO and founder Bill Barhydt told Cointelegraph in an email, adding:

"That combined with a similar shared mission of democratizing access to financial services means that our companies are strongly aligned in our services roadmap going forward."

The Abra investment is only the foundation's second financing move using its enterprise fund, SDF communications director, Lauren Thorbjornsen, told Cointelegraph, adding:

It 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."

Abra gives mainstream crypto access

A peer-to-peer blockchain-based platform, Abra gives users exposure to crypto and stock investments. The platform uses Crypto Collateralized Contracts, harnessing Bitcoin and smart contracts as a gateway into price exposure for other financial products and assets. 

Utilizing Stellar allows Abra broader reach and capabilities in its offerings, a statement from the SDF explained. 

SDF Denelle Dixon said in the statement:

"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.”

Specific details coming in the days ahead

Barhydt did not include many details in his comments, although he did note an intent for future work with Stellar. "We’re not making specific product announcements today except to say that Abra will definitely be making a commitment to the Stellar platform going forward," he said, adding:

"Abra will continue to offer Bitcoin as a core asset in our system as Bitcoin remains, by far, the most popular crypto asset in the Abra App for both iPhone and Android users."

Details remain unclear regarding specific upcoming Stellar-based asset compatibility on the Abra platform, as Barhdyt simply noted, "Stay tuned!"

Abra's latest news showcases the outfit's continued expansion efforts. Last fall, Abra added 60 additional crypto offerings to its platform. 

UPDATE May 14, 18:13 UTC: This article has been updated with information Cointelegraph received from the SDF after initial publication.

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