Stellar Development Foundation, the non-profit organization that supports the development and growth of the Stellar blockchain project has unveiled new ties with Abra, a leading cryptocurrency wallet and exchange app.
The strategic partnership sees the Stellar Foundation investing $5 million in Abra for financial services expansion. The funding will also be used to facilitate the integration of the crypto exchange app with the Stellar network as its blockchain-back end.
Abra provides a convenient way to access cryptocurrency for its customers in developed countries, as well as a parallel financial service for users in less developed regions. The company recently added 60 new cryptocurrencies to the list of digital currencies available to U.S. users, which pushed the total number of cryptocurrencies on the app over 100.
The Stellar Foundation, on the other hand, has been focused on deploying its global payments network across the world without the aim of making profits.
The new tie between the two organizations suggests that Abra and Stellar will continue effectively on their commendable mission to bank the unbanked in all regions of the world.
Bill Baryhdt, the CEO of Abra, mentioned that the similar perspectives of the two organizations around financial inclusion have made the partnership a compelling match for Abra and Stellar.
Baryhdt shared his enthusiasm about the partnership saying “our goal is to democratize access to financial services and we can’t think of a better partner than the Stellar Development Foundation to help us achieve that goal. As we integrate with Stellar, we’re going to be able to build the next generation of banking, leveraging the network’s ability to use traditional banking infrastructure combined with the innovative opportunities of blockchain technology.”
The CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, also made his comment about the development.
“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 creates new, innovative business opportunities for the Stellar network,” he said.