Abra, the Bitcoin Powered Remittance Platform Raises 12 Million USD

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

Read more ... source: LiveBitcoinNews