Abra, a wealth management platform for cryptocurrency investors, has raked in $55m in a Series C funding round led by Ignia and Blockchain Capital.
The new capital will enable the firm to bolster its product team to support the launch of new offerings for wealth management, trading, and payments.
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Additionally, the firm plans to expand its marketing team and develop its high net worth and institutional sales offerings.
Abra, founded in 2014, has raised over $85m to date.
The latest round saw the participation of Kingsway Capital, Tiga Investments and the Stellar Development Foundation as well as several individual investors.
It also received additional investment from existing investors including Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors.
Abra allows users to trade over 100 different crypto currencies and borrow dollars against crypto holdings.
The firm registered a ten-fold growth in revenue last year, while its custody services Abra Trade and Abra Earn went from zero to $1bn in AUM.
Abra founder and CEO Bill Barhydt said: “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.”
Last year, Abra set up an OTC trading desk and expanded its private client services sales group in the Americas, Europe and Asia.
The firm recently appointed Robert Rodriguez as the global vice-president of Sales to accelerate private client sales across all three continents.
It also hired Caroline Finch as the vice-president of Growth and Marketing to manage and expand global growth and Deepak Ghosh as the director of Product to manage the global expansion of its product offerings.
Blockchain Capital managing partner Bart Stephens said: “Abra offers unmatched accessibility for every type of investor, which positions the company well for capitalising on the growth in adoption and interest in cryptocurrencies globally.”
Meanwhile, last month, crypto broker Bitpanda raised $263m at a $4.1bn valuation.
In the same month, crypto platform Aspen Digital secured $8.8m in a pre-A financing round.
