The Stellar Development Foundation has announced a $ 5 million investment in Abra, a financial services company offering cryptocurrency services. Abra will now join the Stellar platform, allowing both entities to provide a wider range of services to their respective users.
While the specific offerings each company will offer are currently unspecified, Stellar and Abra users will have access to better financial functions, including investments. Abra users already have access to various investment possibilities with a range of digital asset numbers of over 100.
In a Stellar press release, CEO and Executive Director Denelle Dixon says Abra focuses on the "Equitable access to the global financial system". This suggests that Abra plans to offer financial services to the unbanked, who may have difficulty accessing the financial functions that many others already enjoy. Partnering with Stellar, especially since the Foundation has a similar goal, helps both companies better achieve their goals.
According to Dixon:
“Abra is committed to providing innovative investment opportunities in underserved and capital-short markets. This investment marks the beginning of our partnership to work together towards creating equitable access to financial services that also create new and innovative business opportunities for the Stellar network. ”
In addition to equitable access to financial services, the association will also seek to improve financial technology services in general. According to Abra's CEO Bill Baryhdt:
"The association 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 also added that the partnership will favor developers. In the press release, McCaleb says a new tool will allow developers "Create even more innovative business models that are readily available online."
Founded in 2014, the Stellar Development Foundation is a non-profit organization that supports the Stellar network and promotes the Stellar community. Stellar now has more than 4 million accounts.