Stellar Brings New Products to Its Network through $5 Million Investment in Abra

Stellar Brings New Products to Its Network through $5 Million Investment in Abra

The Stellar Foundation has partnered with the global investment app, Abra, in a $5 million investment agreement. This is the foundation’s second investment from its enterprise fund and is expected to bring new products to the Stellar network from Abra’s cutting edge financial technology platform, an official announcement from Stellar says.

The integration will also enable Abra to provide better financial services to new customers in emerging markets in a more democratized way. This aligns with Steller’s mission to bring equitable access to the global financial system for its customers, CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon said while commenting on the integration. 

“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.”

Stellar Foundation provides easy cross-border remittance services similar to that of Ripple. The network uses the Stellar native token, XLM to provide liquidity for such transfers for different currencies. Dozens of financial institutions currently settle payments on the network and there are over 4 million accounts. The integration, according to SDF co-Founder and Chief Architect Jed McCaleb, will make more tools available for developers to build more innovative models that will ensure the success of the network.

Being a renowned provider of financial services in the cryptocurrency space and a successful wallet, Abra is expanding its reach to bring crypto-banking to the global population in collaboration with the traditional banking system. This goal is within sight with the help of Stellar Foundation, according to Abra CEO Bill Baryhdt.

“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,” he said.

Beyond partnerships, Stellar’s native token XLM appears to be doing well lately. It recently broke a major resistance that has not been seen since 2018 as BTC is pushing hard ahead of the halving next week. With the new investment, is XLM bound to do even better in the coming days?

Michael Boris
Michael Is A Blockchain Expert And Proficient Crypto Reporter At CoinJot Media With An Academic Degree In Journalism. Disclosure: He owns less than 1 BTC and less than 4 ETH. Contact: [email protected]