According to Odaily, digital asset service and wealth management platform, Abra, has announced the launch of Abra Treasury. This new service is designed to cater to businesses that wish to hold cryptocurrency as a reserve asset on their balance sheets. The service will be operated by Abra Capital Management, a company registered with the U.S. Securities and Exchange Commission (SEC) as an investment advisor.
Abra Capital Management will provide a range of digital asset financial management solutions for businesses, family offices, and non-profit organizations. The company has stated that the Abra Treasury product combines custody, trading, borrowing, and yield services. This allows clients to hold their cryptocurrency in separately managed accounts, thereby retaining full ownership of their digital assets.
This move by Abra is indicative of the growing trend among businesses to incorporate cryptocurrency into their financial strategies. By providing a comprehensive suite of services, Abra Treasury aims to simplify the process of managing digital assets for businesses and organizations. This development is expected to further facilitate the mainstream adoption of cryptocurrencies.