The Stellar funding to Abra in the amount of $5 million is its greatest investment up to now. The funding is made through its nonprofit arm, the Stellar Development Foundation (SDF) which maintains Stellar’s codebase, supports the technical and business communities around Stellar. SDF is a speaking partner to regulators and institutions.
Abra is a mobile investment application found in Google Play and Apple store. Announced Wednesday, the capital allocation precedes Abra’s integration with the Stellar blockchain.
SDF chief Denelle Dixon says of the $5 million investment:
This funding will bring value to the network with Abra’s market-established next-generation financial technology platform plus its expanding portfolio of financial services.
Stellar funding will expand Abra’s financial services
Published on Wednesday, the crypto wallet and investment application’s growing list of financial services are fixed to change to Stellar in a partnership the two entities believe will bolster network development.
After Abra was launched as a bitcoin remote paying mobile application, the San Francisco firm has continuously gained a lot of users and extended crypto services.
Abra currently admits very small investments in exchange-traded funds, added support for many US banks, and cash-to-crypto transactions in the Philippines amidst other services.
Leveraging Stellar’s capability for more banking tools
Abra accumulated a surplus of $40 million from its previous ventures. After the Stellar investment of $5 million, Abra CEO said his team will leverage Stellar’s capability to utilize traditional banking tools as it creates more banking tools. However, the above services are not found in the U.S but the other world firms. Abra works in 155 countries.
Programmers are also in Stellar’s mind with Abra integration and investment. SDF founder Jed McCabe said the partnership adds “a driving together tool” that will inspire the innovation of new businesses design” in the Stellar community.
For customers who want to keep their balances in any of 50 fiat currencies, Abra’s mobile platform currently uses stablecoins based on Bitcoin or Litecoin in conjunction with smart contracts (also based on Bitcoin or Litecoin) to offset crypto price volatility, according to the company. The smart contracts are designed to operate similarly to the way a gold-based exchange-traded fund (ETF) would work with U.S. dollars.