Zilliqa

Digital assets and wealth management platform Abra Capital Management revealed it purchased private crypto trusts from Valkyrie Investments in May. The firm reportedly acquired Tron (TRX) and Zilliqa (ZIL), along with other trusts.
Also read: <a href="https://www.cryptopolitan.com/abra-introduces-platforms-private-clients/" rel="noopener noreferrer nofollow">Abra Introduces new platform for private and institutional clients</a>
A Bloomberg report revealed on Friday that the acquisitions came shortly before the crypto trading platform settled with 25 US regulators in an investigation about its operation without the necessary regulatory approvals.
<h3 id="span-style-font-weight-400-abra-wants-to-broaden-its-product-offerings-span">Abra wants to broaden its product offerings</h3>
Abra’s head of asset management Marissa Kim told <a href="https://www.bloomberg.com/news/articles/2024-07-12/crypto-lender-abra-buys-valkyrie-s-tron-trx-and-zilliqa-zil-trusts" rel="noopener noreferrer nofollow" target="_blank">Bloomberg</a> that the company took over several active trusts from Valkyrie in May. Kim revealed that the acquisitions enable the company to broaden its spot and decentralized finance (DeFi) products to a wider market.
Subject to market demand growing for these investment vehicles, the company might file for some of the trusts to be traded publicly. Shares of Tron and Zalliqa are traded in over-the-counter markets.
Apart from Tron and Zalliqa, Abra also acquired several other unnamed trusts. According to the report, the two investment assets are not exchange-traded funds (ETFs) but only “open to accredited investors, institutions, and high-net-worth individuals.”
<h3 id="span-style-font-weight-400-abra-remains-on-regulators-radars-span">Abra remains on regulators’ radars</h3>
The development comes as several regulators have accused the company of operating without the required licensing. As a result, the company has settled with several regulators over unregistered operations in offering crypto assets. Last month, the company agreed to return $81 million in cryptocurrencies to customers in the US.
Also read: <a href="https://www.cryptopolitan.com/makerdao-1b-tokenized-us-treasury-products/" rel="noopener noreferrer nofollow">MakerDAO to invest $1b in tokenized US Treasury products</a>
In January, the company settled with a Texas securities regulator to allow customers to withdraw their funds. This was after the Texas State Securities Board had accused Abra of insolvency in 2023. The regulators said the company had been insolvent since March and slapped it with a cease-and-desist order in June last year.
Meanwhile, Abra <a href="https://twitter.com/AbraGlobal/status/1810413376784466219" rel="noopener noreferrer nofollow" target="_blank">announced</a> the launch of Abra Treasury earlier this week. In a post on the X platform, Abra said, “Corporates, family offices, and non-profits can now utilize Abra’s integrated treasury offering combining custody, trading, borrowing, and yield services.”
According to the company, customers can access these services via separately managed accounts, and retain ownership of their digital assets, which are independently verifiable on-chain.

Abra Capital Management acquires crypto trusts from Valkyrie

Table of Contents

Cryptopolitan_News

Other articles published on Jul 13, 2024

Judge Reschedules Roman Storm’s Trial Amid Legal Complexities

Donald Trump memecoin spikes 52% following assassination attempt

PEPE rejected at $0.00000920, falls nearly 10% in 48 hours: What now?

ICYMI: The German Government Is Not The Only Entity Selling Bitcoin

MoonBag Leads Top Crypto Presale in 2024 with $3.4M in Sales, Targeting a $10 Price by 2030, Beat...

High Returns Await with MoonBag – the Top Crypto Presale In 2024, While Pepe Coin and Mantra Face...

Join our free newsletter for daily crypto updates!