The global investment application and all-in-one cryptocurrency wallet Abra has received $5 million in investment from the Stellar Development Foundation (SDF).
According to a press release on May 6, 2020, the non-profit organization the Stellar Development Foundation (SDF) has granted this investment to Abra cryptocurrency wallet so that it could integrate the technology of Stellar and widen its financial services and offerings.
To facilitate Abra’s integration with Stellar
SDF, which supports the development and growth of the Stellar ecosystem, says in the press release that the purpose of this investment is to facilitate the integration of Abra with Stellar.
This investment will allow the Abra cryptocurrency wallet to adopt Stellar’s technology and expand its financial services. According to the press release, the Abra’s integration with Stellar will bring a lot more new products to the Stellar network.
SDF and Abra share the same goal
The CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon regards this strategic investment the start of their partnership with Abra. Dixon says that the mission of Abra is in line with the aim of Stellar. Commenting on the investment, Dixon said:
“Abra is building a product portfolio of financial services that align directly with our mission to create equitable access to the global financial system. They’re committed to providing innovative investment opportunities in underserved, capital-scarce markets. This investment marks the beginning of our partnership to work together towards creating equitable access to financial services that also create new, innovative business opportunities for the Stellar network.”
Abra CEO Bill Baryhdt also comments on this investment and its partnership with the Stellar Development Foundation. According to the CEO of Abra, there is no better partner than the Stellar Development Foundation for achieving their goal.
Abra CEO stated:
“Our goal is to democratize access to financial services, and we can’t think of a better partner than the Stellar Development Foundation to help us achieve that goal. As we integrate with Stellar, we’re going to be able to build the next generation of banking, leveraging the network’s ability to use traditional banking infrastructure combined with the innovative opportunities of blockchain technology.”