Abra Global Announces Plans for U.S. Bank Supporting Digital Assets
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The Abra Bank
Abra Global claimed the bank, to be called Abra Bank, would be subject to U.S. regulatory oversight and allow consumers to use digital assets that appear analogous to how currency is used at conventional banks. Abra International, a corporation situated outside of the U.S. that focuses on digital assets, was another project the organization had in mind.
Abra said,
"The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency."
$55 Million Raised
It was planned for the two businesses to go public in 2023 and 2022, respectively. In addition to offering "on-ramps, off-ramps, and transactional services" for cryptocurrencies, according to Abra, both institutions will cooperate with authorities to ensure regulatory and legal compliance.
On Twitter, the bank's founder and CEO, Bill Barhydt, announced that it would offer custody and services for nonfungible tokens when it launches no later than the first quarter of 2023. To expand its wealth management product offerings, Abra raised $55 million in a fundraising round led by Amex Ventures in September 2021.
The Series C funding from the crypto trading platform will let the firm scale its marketing team and build its rapidly expanding high net worth and institutional sales capabilities. It will also expand its world-class product team into new wealth management, trading, and payment offerings.