Bill Barhydt

Money Moves

Leading Abra through SPAC merger; banned from money transmitter businesses in 25 states for five years

Abra, a cryptocurrency wealth management platform that paid more than $83 million in regulatory settlements over the past two years, announced a $750 million merger with New Providence Acquisition Corp. III to list on Nasdaq. The deal would deliver $300 million in cash for institutional lending, yield, and custody—now Abra's sole focus after shutting down retail operations amid enforcement actions.

Updated May 30