Stellar and Abra Form Strategic Alliance to Leverage Crypto and Blockchain For Next Gen of Banking
The Stellar Development Foundation (SDF) has declared the second investment from its enterprise fund committed to developing use cases for its open money network — a $5-million investment in Abra, the next generation financial platform that powers a digital wallet and mobile cryptocurrency exchange.
The association underscores one of the main principles of the crypto community – transforming the conventional structure of the banking industry by democratizing access to financial services.
Bill Baryhdt, CEO of Abra said in a statement, “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.”
Abra enables users to purchase, sell, and exchange over 100 cryptocurrencies from a single app, and allows new stablecoin deposit and withdrawal options. Its strategic collaboration with the Stellar network, an open and global platform supporting transactions in all forms of digital money – from US dollars to pesos to Bitcoin – will allow the flexible mobile platform to extend its blockchain-based financial services to modify banking.
Abra assumes that the integration with Stellar will support it to draw new consumers in developing markets which are seeing for more reliable financial services.
Denelle Dixon, the Stellar Development Foundation’s chief executive officer, states in a statement that key to their joint mission is reaching underserved, capital-scarce markets.
“Abra is building a product portfolio of financial services that aligns directly with our mission to create equitable access to the global financial system.”
SDF is anticipating extended growth for the remainder of the year. “Amid global uncertainty, we’ve set a strong foundation for growth in the year ahead. We made headway on all three of our strategic growth pillars: ensuring the robustness and usability of Stellar, being the blockchain people know and trust, and fostering sustainable Stellar use-cases.”
Earlier this year, SDF declared the first association by its new enterprise fund with a $715K investment in DSTOQ Group AG. This Liechtenstein-based fintech company gives people in developing markets with affordable financial services by a digital interface that utilizes security tokens built on the Stellar network.