- Stellar Development Foundation invests $5 million in Abra
- The news came to light on later hours of May 6
- Abra claims it hopes to democratize access to financial services
Stellar Lumens News Today – Stellar Development Foundation (SDF), has invested the sum of $5 million in the crypto wallet provider, Abra. The non-profit entity that supports the Stellar blockchain, announced its $5 million investment in Abra on Wednesday, May 6.
According to the SDF, the move to investment the sum of $5 million in the crypto wallet provider, would help Abra expand its products and services. The later will achieve this on the Stellar Blockchain network.
The SDF’s Investment Will Help Abra Democratize Access to Financial Services
Regarding the investment Abra’s CEO Bill Baryhdt said:
“Our goal with this move is to democratize our user access to financial services. As we integrate with the Stellar protocol, we are going to build the coming generation of banking infrastructure.”
The particular offerings that Abra will build on the Stellar Blockchain remain unclear. However, Lomesh Dutta, the Vice President of Growth at Abra said:
“The firm (Abra) will announce its product details relating to their partnership with the Stellar network in the coming months.”
Abra is currently providing an investment app that allows its users to invest in no less than 100 digital currencies, plus stocks and ETFs (exchange-traded funds). Founded back in 2014, Abra has been backed by several notable investors, including the American Express Ventures and the electronics manufacturing giant, Foxconn. Stellar’s $5 million investment in Abra comes in addition to a whopping $30 million in funding that Abra has raised to this day.
Stellar Lumens is Trading at $0.072469
Stellar Lumens’ price is reportedly down by -0.20% on the day. The coin is currently changing hands at $0.072469. Per CoinMarketCap data, the digital asset has a total market cap of $1,464,793,559 and a 24-hour trade volume of 631,044,169. At press time Stellar Lumens also had a total circulating supply of 20,212,664,025 XLM.
The digital asset began the day on a bearish note like the bulk of coin’s in the digital asset market. However, this move may change in a few days as the entire market and crypto community looks forward to the upcoming BTC halving event which is known to drive market prices.
Hopefully, history will repeat itself despite the worldwide panic caused by the coronavirus pandemic. The last time Bitcoin went through a miner rewards halving, it managed to reach $20 and it also forced the rest of the market including Stellar Lumens to rally to the upside to record highs that have never been seen before.