Amex Ventures backs $55M Abra elevate

Cryptocurrency buying and selling platform Abra has raised $55 million in funding to bootstrap the following section of its progress technique, bringing a number of high-profile buyers on board from each inside and out of doors the blockchain trade.

Abra will use funds from the Sequence C funding to develop its product choices in wealth administration, buying and selling and funds, in addition to develop its in-house capability, the corporate introduced Wednesday.

Amex Ventures, a enterprise capital arm of American Categorical, was among the many contributors alongside Blockchain Capital, Ignia, Kingsway Capital and Stellar Growth Basis. Abra has now raised over $85 million since its inception.

Invoice Barhydt, Abra’s founder and CEO, stated his firm’s “imaginative and prescient of crypto-centric banking is coming to life” amid the surge in institutional and retail curiosity, evidenced by the outstanding progress of decentralized finance and nonfungible tokens.

Abra has seen vital uptake of its buying and selling providers over the previous yr as billions of {dollars} flowed into the cryptocurrency market. The corporate now has 155,000 month-to-month customers and has processed over $4 billion in transactions. Its Abra Commerce and Abra Earn providers handle over $1 billion in belongings.

Earlier this yr, Abra launched a brand new cryptocurrency lending and borrowing service, capitalizing on one of the crucial common use instances inside DeFi. The providers enable debtors to entry their crypto worth features with out promoting their holdings and triggering a taxable occasion.

DeFi lending protocols have exploded in recognition over the previous yr, with Aave and Compound locking in a mixed $25 billion in whole worth, according to trade knowledge. By way of whole worth locked, DeFi is quick approaching a $200 billion market.

Associated: DeFi attracts 2.91M Ethereum addresses, in line with ConsenSys

Enterprise funds have been eager to again DeFi initiatives, particularly these inside the lending and borrowing sectors. As Cointelegraph reported, a Stanford researcher-led decentralized lending platform raised $3 million from a number of buyers. The protocol, often known as Pledge, goals to facilitate long-term financing for crypto holders.

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