The Stellar Development Foundation has announced a $5 million investment in Abra, a financial services company offering cryptocurrency services. Abra will now be incorporated with the Stellar platform, allowing both entities to provide a wider range of services to their respective users.
While the specific offers each company will offer is currently unspecified, users of both Stellar and Abra will have access to better financial features, including investments. Abra users already have access to several investment possibilities with a range of digital assets numbers over 100.
In a Stellar press release, CEO and Executive Director Denelle Dixon says that Abra is focused on “equitable access to the global financial system.” This suggests that Abra plans to offer financial services to unbanked or underbanked people, who may struggle with access to financial features that many others already enjoy. Partnering with Stellar, especially as the Foundation has a similar aim, helps both companies achieve their goals better.
According to Dixon:
“[Abra is] 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.”
Apart from equitable access to financial services, the partnership will also seek to improve financial technology services in general. According to Abra CEO Bill Baryhdt:
“[The partnership will] build the next generation of banking, leveraging the network’s ability to use traditional banking infrastructure combined with the innovative opportunities of blockchain technology.”
Stellar co-founder and Chief Architect Jed McCaleb has also added that the partnership will favor developers. In the press release, McCaleb says that a new tool will allow developers to “create even more innovative, readily available business models on the network.”
Founded in 2014, the Stellar Development Foundation is a non-profit organization that supports the Stellar network and promotes Stellar’s community. Stellar now has more than 4 million accounts.
