The cryptocurrency wealth management company Abra said that it has acquired approval from the US government and opened the "Abra Prime" and "Abra Private" platforms for private clients. To act as an investment advisor, Securities and Exchange Commission.
Abra stated in an announcement that Abra Prime's clientele consists of hedge funds, venture capital firms, crypto infrastructure companies, and other institutional investors, while the Abra individual platform is designed to offer a customized solution for individual clients, family offices, and trusts.
Strong Demand for Custom Digital Assets Is Witnessed by Abra
According to the company, affluent clients' high need for customized digital asset solutions led to the creation of the new services.
The company's platform combines asset management, lending, staking, yield services, and over-the-counter (OTC) trading for both spot and options borrowing into a one product.
In other news, Abra announced that the U.S. has approved its subsidiary, Abra Capital Management LP. to function as a registered investment advisor under the Securities and Exchange Commission.
Bill Barhydt, the company's founder and CEO, stated in the statement, "We launched Abra a decade ago as one of the first companies working to develop a novel type of borderless and trustless decentralized global payment infrastructure."
Since then, the company has undergone substantial change, and it has taken advantage of this experience to develop a comprehensive wealth management and prime services offering that is supported by DeFi knowledge.
Barhydt continues, "We are thrilled for Abra's next chapter and we are committed to developing a future where financial services are digital, open, and borderless as an SEC registered investment advisor."
January Lawsuit Settlement for Abra
The Texas State Securities Board (TSSB) accused Abra CEO Bill Barhydt and his business of securities fraud and deceitful practices in the marketing of investment products, and on June 15, 2023, the TSSB issued an emergency cease and desist order.
Abra and the Texas State Securities Board came to a provisional settlement in January. In a document released on January 22, Abra promised to repay the assets that the citizens of the state had invested.
The document made clear that Abra has started to close down its retail stores in the United States. Notifications were sent to clients with balances more than $10, allowing them seven days to remove their funds. Unclaimed money will be changed into fiat money and given to Texas's remaining investors.
The lending company promised consumers interest on their deposits of digital assets through programs like Abra Earn and Abra Boost. By lending these money back, the business made money.
April 2024, Cryptoniteuae