Abra Platforms for Private Crypto Clients

Crypto investment company Abra announced the introduction of its “Abra Prime” and “Abra Private” services, which are aimed at institutional and private clients.

The firm also received the green light from the U.S. Securities and Exchange Commission to function as an investment advisor. Abra’s announcement highlighted that the Abra Private service is designed to offer customized solutions for individual clients, family offices, and trusts. Meanwhile, Abra Prime is tailored for a client base that includes hedge funds, venture capital firms, crypto infrastructure companies, and other institutional investors.

Big News! Today we’re announcing the launch of Abra Private.

Targeted at high net worth individuals, family offices, corporate treasuries and non profits, this service is offered by our new SEC-registered investment advisor (RIA), Abra Capital Management (ACM). Abra Private…

— Abra (@AbraGlobal) April 17, 2024

Abra Witnesses High Interest in Customized Digital Assets

The company introduced new services to cater to the growing demand for tailored digital asset solutions among its high-net-worth clients. The platform offers a blend of over-the-counter (OTC) trading, covering both spot and options, as well as services for borrowing, lending, staking, generating yields, and managing assets in a unified solution. Additionally, Abra Capital Management LP, a subsidiary of Abra, has received the green light from the U.S. Securities and Exchange Commission to operate as a registered investment advisor.

Abra has undergone considerable evolution, utilizing its experience to develop a comprehensive suite of prime services and wealth management solutions underpinned by expertise in decentralized finance (DeFi).

Bill Barhydt, Founder and CEO of Abra, said, “As an SEC-registered investment advisor, we are excited about Abra’s next chapter and remain committed to building a future where financial services are digital, open, and borderless.”

In January, Abra reached a preliminary agreement with the Texas State Securities Board. A document released on Jan 22 outlines that Abra consented to refund the investments made by state residents. The document noted that Abra had started to phase out its retail operations within the U.S. Customers with account balances over $10 were alerted and given a week to withdraw their funds. Any funds not claimed would be converted into fiat currency and allocated to the remaining investors in Texas.

In June last year, the Texas State Securities Board issued an emergency stop order accusing Abra and its founder of securities fraud. The company was accused of using deceptive sales tactics and hiding important financial information, thereby misrepresenting its business activities.