Abra, a crypto investment app provider located in the United States, has appointed a chief financial officer (CFO) as the company claims to be experiencing significant development.
Justin McMahan, a former managing director and global treasurer of high-frequency trading firm Tower Research Capital, has joined Abra as chief financial officer, effective immediately. McMahan spent nearly 20 years working at investment firms like Serengeti Asset Management and Morgan Stanley before joining Tower Research.
According to an Abra spokesperson, McMahan is the business’s first CFO, and he will concentrate on growing Abra’s finance and operations staff as the company experiences “hyper-growth.” Abra claims that its active users increased by more than 300 percent in 2021 compared to the previous year, and transaction volume surged by more than 660 percent over the same period, but the spokesman refused to disclose exact data.
Abra, which was founded in 2014, offers crypto trading, deposit, and loan services to both individual and institutional customers. The company claims to have handled over a billion dollars in crypto-backed loans and paid out millions of dollars in interest to customers.
Abra is backed by well-known investors like Foxconn and American Express. So far, it has raised $85 million in total capital. When asked whether the business plans to raise more funding in the near future, an Abra representative said that although the company is profitable, it would most likely seek extra financing this year. The person refused to comment on Abra’s intentions for an initial public offering, or IPO.
Abra’s CFO hiring follows that of numerous other cryptocurrency startups, including Kraken, OpenSea, and Celsius.