Abra (company)

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Abra
Private
IndustryFinancial services
Founded2014
FounderBill Barhydt (CEO)
Headquarters,
Area served
United States and Philippines
ServicesCryptocurrency wallet and exchange
WebsiteOfficial website

Abra is a financial services and technology company that operates an all-in-one cryptocurrency wallet and exchange app. The Abra app is available on both iOS and Android platforms and allows users to buy, sell, and hold 25 cryptocurrencies and 50 fiat currencies in one place. It supports multiple cryptocurrency assets.

The company is headquartered in Mountain View, California with an additional office in Manila.[citation needed]

History[edit]

Abra was founded in 2014 in the Silicon Valley by Bill Barhydt, a former software engineer for Goldman Sachs and former director of Netscape.[1][2]

Funding rounds[edit]

In September 2015, the company received $12 million in Series A funding from an investment group led by RRE Ventures, First Round Capital, and Arbor Ventures.[1] The company was also an acquisition target of Singapore-based venture capital firm Jungle Ventures in September 2015.[3][citation needed]

In 2018, Abra announced Series B investment and added new investors HCM International (Foxconn's venture subsidiary), Ignia, and Silver8 Capital.[4]

Service[edit]

The service is currently available via an app on Android and iOS devices in the United States and the Philippines.[citation needed]

Unlike other cryptocurrency exchanges, Abra uses Bitcoin and its blockchain technology to store and encrypt cash deposits on the user's mobile device.[15]. The Abra model is entirely non-custodial, meaning Abra never takes custody of anyone's funds other than their own. In other words, everyone in the Abra system always holds their own money.[citation needed]

In March 2018, Abra added support for 20 new cryptocurrencies including Litecoin, Ether, Vertcoin, Bitcoin Cash and Stellar.[5]

Recognition and awards[edit]

In June 2018, Abra was listed in the Wall Street Journal as one of the “Top 25 Tech Companies to Watch in 2018.[6]

References[edit]

  1. ^ a b Tepper, Fitz (10 September 2015). "Abra Raises $12M In Series A Funding For Its Bitcoin-Based Remittance Service". TechCrunch. Retrieved 11 March 2017.
  2. ^ Eugenios, Jillian (9 June 2015). "Your bank account: The next thing to go obsolete". CNN. Retrieved 11 March 2017.
  3. ^ Wille, Klaus (22 September 2015). "Temasek-Backed Jungle Ventures to Raise $100 Million by Year-end". Bloomberg – via www.bloomberg.com.
  4. ^ "Foxconn Backs $16 Million Series B for Bitcoin Startup Abra - CoinDesk". CoinDesk. 2017-10-23. Retrieved 2018-07-12.
  5. ^ "Abra adds 20 cryptocurrencies to its wallet app". TechCrunch. Retrieved 2018-07-12.
  6. ^ Pettit, Dave (2018-06-12). "WSJ Top 25 Tech Companies to Watch 2018". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-07-12.

External links[edit]