Abra, a quickly rising crypto wealth administration platform based mostly in San Francisco, introduced on Wednesday the appointment of Justin McMahan as the corporate’s first-ever Chief Financial Officer, efficient instantly.
McMahan’s appointment comes throughout a interval of fast development for Abra. In the brand new function, McMahan shall be tasked with optimizing the corporate’s monetary efficiency, making certain compliance with world accounting requirements and serving to direct Abra’s development technique within the forthcoming years.
McMahan joins Abra from Tower Research Capital, a high-frequency buying and selling firm, the place he served as Managing Director and Global Treasurer.
McMahan is a veteran finance govt with greater than 20 years of expertise in buying and selling, fintech, capital markets, wealth administration, and asset administration. Most just lately, he served senior roles at Tower Research Capital.
Before working at Tower Research, McMahan was a Managing Director and Head of Operations of Treasury & Client Services at Serengeti Asset Management, an funding administration firm. Prior to becoming a member of Serengeti, he labored at Morgan Stanley for 13 years, the place he held a number of roles, together with Executive Director of Prime Brokerage Capital Introductions & Risk.
Bill Barhydt, the founder and Chief Executive Officer of Abra, talked in regards to the improvement and stated: “Justin is an exceptional addition to the firm as we continue to build out and differentiate our team with accomplished professionals across digital assets, traditional finance, and wealth management. Justin’s proven track record in executing transformational financial services solutions and leading businesses through dynamic stages of their evolution will be instrumental as we expand our platform and democratize access to the crypto economy.”
Meanwhile, McMahan additionally commented about his appointment: “Abra has cemented itself as a dominant player in this disruptive space, and I am humbled to join this extremely talented team that provides customers with truly unique access to cryptocurrency markets.”
Enabling Customers’ Access to Digital Assets
Abra was based in 2015, by Bill Barhydt, a former fixed-income analyst for funding financial institution Goldman Sachs and former director of Netscape Communications Corporation.
Abra operates a crypto pockets with a built-in crypto swap service, a cryptocurrency lending service, and a crypto staking and excessive yield financial savings service. The agency claims to serve greater than 1 million customers with over $1.5 billion in property beneath administration.
In March 2018, Abra added help for 20 new cryptocurrencies together with Litecoin, Bitcoin Cash, and Stellar into its platform.
In September final yr, as reported by Blockchain.News, Abra raised $55 million in a Series C funding led by the Stellar Development Foundation, together with different traders comparable to GNIA, Blockchain Capital, Kingsway Capital, Tiga Investment, amongst others.
Abra used the funds to increase its new choices (which embrace wealth administration, buying and selling, and funds) with Stellar as a blockchain back-end and democratize entry to them for brand spanking new clients in creating nations.
Since 2020, Abra has witnessed “tremendous” development. The agency recorded a ten-fold improve in revenues.
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