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Abra receives $ 5 million from the Stellar Development Foundation

May 7, 2020

The Stellar Development Foundation (SDF) has allocated $ 5 million to the cryptocurrency investment app Abra. The company now intends to integrate the Stellar blockchain into its platform and to develop products based on Stellar.

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

“Combined with a similar mission to democratize access to financial services, this means that our businesses will be heavily aligned with our service roadmap in the future.”

Abra offers traditional access to cryptocurrencies

Abra, a blockchain-based peer-to-peer platform, offers users the opportunity to invest in cryptocurrencies and stocks. The platform uses secured cryptocurrency contracts and uses Bitcoin and smart contracts as access to price risk for other products and financial assets.

Abra receives $ 5 million from the Stellar Development FoundationAbra receives $ 5 million from the Stellar Development Foundation

By using Stellar, Abra has a wider range of applications and functions.explained an SDF statement.

SDF’s Denelle Dixon said in the statement:

“This investment marks the beginning of our partnership to work together to provide equitable access to financial services that also create new and innovative business opportunities for the Stellar network.”

Specific details in the coming days

Barhydt has not included many details in his comments, although he has emphasized the intent to work with Stellar in the future. “We’re not making any specific product announcements today, except to say that Abra will definitely commit to the Stellar platform in the future.”he said, adding:

“Abra will continue to offer Bitcoin as the primary asset in our system as Bitcoin remains by far the most popular crypto asset in the Abra app for iPhone and Android users.”

Details regarding the upcoming stellar-based asset-specific support on the Abra platform remain unclear, as Barhdyt simply remarked: “Stay tuned!”

The latest news from Abra shows the team’s continued expansion efforts. Last fall, Abra added 60 additional cryptocurrency offerings to its platform.

Cointelegraph also contacted the SDF, but received no response until the editorial deadline.

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