Abra, a leading platform for digital asset management services, recently unveiled a groundbreaking product called Abra Treasury. This innovative offering caters to corporations seeking to hold cryptocurrency as a reserve asset on their balance sheets. Abra Treasury combines a comprehensive suite of services, including storage, trading, borrowing, and yield management.
To ensure regulatory compliance and instill trust, Abra Capital Management, a company registered with the Securities and Exchange Commission (SEC), supports the Abra Treasury service. This means that corporations, family offices, and non-profit organizations can access a wide range of digital asset management solutions. Notably, clients retain ownership and control of their digital assets through a separately managed client service.
The launch of Abra Treasury heralds a significant milestone for the digital asset industry, as non-crypto-native businesses increasingly show interest in adopting cryptocurrencies as a treasury reserve asset. Marissa Kim, head of asset management at Abra Capital Management, highlighted this trend in a recent statement.
In another development, Abra and its founder and CEO, William Barhydt, have reached a settlement agreement with 25 government financial regulators. This agreement arose from the use of Abra’s mobile application without proper licenses. As part of the settlement, Abra will return up to $82.1 million in cryptocurrency to its US customers in states where the settlement is ongoing. This resolution underscores Abra’s commitment to upholding regulatory standards and working cooperatively with financial authorities.
Overall, Abra’s new custody solution for institutional clients, Abra Treasury, promises to revolutionize the way corporations manage their digital asset reserves. With the platform’s robust features and regulatory compliance measures, Abra is well-positioned to cater to the evolving needs of institutional investors in the cryptocurrency space.