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A bitcoin remittance service, Abra attracted more than $14 million from Arbor Ventures, RRE Ventures and First Round Capital.

According to the press release, Abra “has now raised over $14 million in venture financing”. Investors in the Series A financing round include Arbor Ventures, RRE Ventures and First Round Capital.

“The round was highly oversubscribed,” says the company. 

This is the first Arbor Ventures investment into a bitcoin company. This is also the biggest investment for the Hong-Kong-based venture fund so far.

Abra will use the money to test their main app. According to the press release, “the company will soon announce the general availability” of the main product. The investors see a huge potential for Abra in China and Southeastern Asia.

The company plans to create a network of tellers who would convert bitcoins into fiat currency and vice versa. Anyone with a smartphone can become a teller. Having received money via a bitcoin wallet, directly on their phone, the teller will then give cash to the intended recipients in their country. The teller is free to charge any fee, and if they do, a part of this fee is paid to Abra. 

“To date, pre-registrations for consumers and Tellers have come from over 80 countries,” says the company.

Abra is also hiring specialists to develop the new app. According to the site, the company is searching for Lead iOS Engineer and Dev Ops Engineer.