Stellar makes a multi-million investment in a single crypto wallet

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Written on May 7, 2020

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Stellar Development Foundation, which supports Stellar development, invested $5m in a crypto wallet Abra.
The investment will allow Abra to expand to Stellar's blockchain and develop its products on it.
Its officials said that the announcements will come in only a few months.

The Stellar Development Foundation, an organization supporting Stellar blockchain development, recently announced a major investment. The non-profit organization revealed a $5 million-large investment into a wallet provider known as Abra.

Abra wallet provider to enter Stellar’s ecosystem

The announcement came out yesterday, May 6th. It explained the foundation’s decision, stating that the developers wish to help Abra expand. With the monetary support, Abra can expand its services and products on Stellar’s own network.

Abra’s CEO, Bill Barhydt, spoke about the company’s goals. He said that Abra wishes to democratize access to financial services through Stellar. “As we integrate with Stellar, we’re going to be able to build the next generation of banking [infrastructure],” he said.

Unfortunately, the announcement did not specify what offerings is Abra going to try and build within Stellar’s ecosystem. Barhydt did not reveal this information either. However, Abra’s VP of Growth, Lomesh Dutta, did say that the company will announce details in due time.

According to Dutta, the announcements will likely start arriving in the coming months.

Abra attracted major investors before

For the moment, Abra provides an app that allows users to invest in more than 100 different digital currencies. More than that, the app also provides access to some traditional instruments, such as stocks and ETFs.

Also, this is not the first time that Abra has received a major investment from a well-known entity. The company, which was founded in 2014, also attracted Foxconn, an electronics manufacturing giant. Another major name that sits among its backers is American Express Ventures.

Thanks to all of these backers, Abra managed to raise millions. This latest $5 million investment has still added to the pile, which currently totals over $30 million. Still, the company has clearly done a good job using the investments made by all of these — and other — firms. With that in mind, there is no doubt that its development of Stellar will be worthwhile.