The Stellar Development Foundation, or SDF, has allocated $v million to crypto investment app Abra. The company now looks to incorporate the Stellar blockchain into its platform, as well every bit develop Stellar-based products.

"Nosotros believe Stellar's platform is 1 of the almost scalable and versatile cryptocurrency platforms available today," Abra CEO and founder Bill Barhydt told Cointelegraph in an email, adding:

"That combined with a like shared mission of democratizing access to financial services means that our companies are strongly aligned in our services roadmap going forwards."

The Abra investment is only the foundation'due south second financing motion using its enterprise fund, SDF communications director, Lauren Thorbjornsen, told Cointelegraph, adding:

It will facilitate Abra's integration with Stellar equally its blockchain back-finish and Abra's expansion of financial services that will soon bring an array of new products to the Stellar network."

Abra gives mainstream crypto access

A peer-to-peer blockchain-based platform, Abra gives users exposure to crypto and stock investments. The platform uses Crypto Collateralized Contracts, harnessing Bitcoin and smart contracts equally a gateway into price exposure for other financial products and assets.

Utilizing Stellar allows Abra broader achieve and capabilities in its offerings, a statement from the SDF explained.

SDF Denelle Dixon said in the statement:

"This investment marks the outset of our partnership to piece of work together towards creating equitable access to financial services that as well create new, innovative business opportunities for the Stellar network."

Specific details coming in the days ahead

Barhydt did not include many details in his comments, although he did note an intent for future work with Stellar. "Nosotros're non making specific product announcements today except to say that Abra volition definitely exist making a commitment to the Stellar platform going forrad," he said, adding:

"Abra will continue to offer Bitcoin as a cadre asset in our arrangement every bit Bitcoin remains, by far, the most popular crypto asset in the Abra App for both iPhone and Android users."

Details remain unclear regarding specific upcoming Stellar-based asset compatibility on the Abra platform, equally Barhdyt but noted, "Stay tuned!"

Abra's latest news showcases the outfit's continued expansion efforts. Concluding fall, Abra added threescore additional crypto offerings to its platform.

UPDATE May xiv, 18:xiii UTC: This article has been updated with data Cointelegraph received from the SDF after initial publication.