Crypto app Abra has raised $55 million in Series C funding to develop new offerings geared toward high-net-worth and institutional clients.

The funding round was led by previous backers Ignia and Blockchain Capital, with Kingsway Capital and Tiga Investments listed among new investors.The Stellar Development Foundation also joined the funding round, having pumped $5 million into Abra in May 2020 ahead of the platform’s integration with the Stellar network.Abra plans to use its latest funding to develop new offerings in wealth management, trading and payments for its high-net-worth and institutional clients.Since launching as a bitcoin remittances app in 2014, Abra has steadily expanded its suite of services and grown into scores of different markets through partnerships with fiat-to-crypto gateways.The Silicon Valley-based firm launched its lending and borrowing service in March this year, allowing its claimed global 1 million customers to use their crypto holdings as collateral for loans of fiat currency.Abra’s total funding now stands at over $85 million. The firm’s Series B round raised $16 million in October 2017.

Read more: Billionaire Hedge Fund Manager Steven Cohen to Invest in New Crypto Trading Firm: Report