Abra, a platform for digital asset management services, has launched a new product called Abra Treasury which is a service for corporations that want to hold cryptocurrency on their balance sheet as a reserve asset. The integrated offering combines storage, trading, borrowing and yield management services.
The service is supported by Abra Capital Management, a company registered with the Securities and Exchange Commission (SEC). It will provide corporations, family offices and non-profit organizations with a range of digital asset management solutions. Clients can store their cryptocurrencies through a separately managed client service, allowing them to maintain ownership and control of their digital assets.
“A sign of adoption and institutionalization of the digital asset industry has been the increase in non-crypto-native businesses showing interest in using bitcoin as a treasury reserve asset,” said Marissa Kim, head of asset management at Abra Capital Management.
According to an announcement at the Conference of State Bank Supervisors (CSBS), Abra and its founder and CEO William Barhydt have entered into a settlement agreement with 25 government financial regulators over the use of a mobile application without proper licenses. Under the terms of the agreement, Abra will return up to $82.1 million in cryptocurrency to US customers in the states where the settlement is ongoing.
