Abra, the bitcoin based remittance application has raised a new round of funds. The company has managed to raise $12 million as part of Series A fundraising round.
The company, with its unique model has received a lot of attention from the investor community and the recent fundraising round was supported by a large number of investors. Some of the investors who were part of the Series A funding round include RRE ventures, First Round Capital and Arbor Ventures. Even though Abra is not fully functional yet, the company has already received over $14 million in investments from both the seed and Series A round put together.
Abra was founded in the year 2014 by Bill Barhydt, who also happens to be the CEO of the company. The company is allegedly the first digital cash, P2P money transfer network. According to few sources, the company has already planned about what to do with the funding amount. They are planning to spend the funding money on developing the functionalities for Abra’s applications.
Abra has been working on reducing the friction generally associated with the fintech sector. The company has been playing around with bitcoin and blockchain technology to provide its users with the best kind of remittance system possible. Abras products are designed in such a way that the user should be able to make use of it even without having the basic understanding of blockchain or bitcoin itself.
Abra was unveiled earlier this year at the Launch Festival. Even though Abra facilitates the transfer of fiat currency, it uses bitcoin as the back end and by doing so it can easily offer a fast and efficient money transfer facility. All transactions happening on Abra at the moment are in US dollars and the company intends to expand for other currencies soon