The Stellar Development Foundation (SDF), the non-profit organization focused on supporting the growth and development of the Stellar ecosystem, has invested $5 million in Abra, a global investment app and all-in-one cryptocurrency wallet. With the investment, Abra will now integrate Stellar’s technology and expand its financial offerings, according to a press release on May 6, 2020.
SDF Invests in Abra
In another significant development for the Stellar (XLM) ecosystem, the Stellar Development Foundation (SDF) has pumped in a whopping $5 million into Abra, a global crypto investment app designed to make digital assets more accessible to the masses.
As stated in its press release, the investment will enable Abra to adopt Stellar (XLM) technology and integrate it into its backend, while also expanding its financial services and bring a vast array of new products to the Stellar network.
Established in 2014 by Bill Barhydt, a former software engineer at Goldman Sachs, Abra aims to bridge the gap between the traditional financial ecosystem and the cryptospace, by offering its users investment opportunities in more than 100 cryptoassets.
Commenting on the SDF’s strategic investment in Abra, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation reiterated that Abra’s mission to foster financial inclusion globally aligns with Stellar’s primary objective.
“Abra is building a product portfolio of financial services that align directly with our mission to create equitable access to the global financial system. They’re 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.”
Also commenting on the development, Bill Barhydt, CEO of Abra made it clear that the Stellar project aligns perfectly well with Abra’s mission to democratize finance, and as such, partnering with the former is a forward-thinking move.
Interestingly, while the Stellar project’s closest competitor, Ripple is busy dumping large chunks of its native XRP into the markets, to the detriment of investors, the SDF demonstrated its desire to strengthen its ecosystem earlier in November 2019, when it burned more than 55 billion XLM tokens worth $4.7 billion at the time.
In the same vein, earlier in April 2020, BTCManager informed that the entire Stellar community, the SDF and Lumenthropy, has rolled out a charity program that aims to donate 2.5 million XLM to charities accepting XLM.
At press time, XLM is the 11th largest cryptocurrency in the world. The price of Stellar (XLM) sits at $0.072318, with a market cap of $1.46 billion, as seen CoinMarketCap.