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Cryptoprowl.com / Abra, a cryptocurrency wealth platform, has announced plans to go public through a merger with a special purpose acquisition company (SPAC).

A SPAC deal involves a shell company acquiring a private firm and then merging to take it public without having to undergo the rigorous due diligence of a traditional initial public offering (IPO).

This deal will see Abra merge with SPAC vehicle New Providence Acquisition Corp. III (NASDAQ: $NPACW ) in a deal that values the cryptocurrency firm at $750 million U.S.

The combined company will be renamed "Abra Financial" and is expected to trade on the Nasdaq (NASDAQ: $NDAQ ) exchange under the ticker symbol "ABRX."

An exact date for the market debut hasn't been announced.

Founded in 2014 and based in San Francisco, California, Abra provides a range of services for cryptocurrency investors.

Its platform allows institutions, registered investment advisers, family offices, and wealthy individuals to store and trade cryptocurrencies such as Bitcoin (CRYPTO: $BTC ) and Ethereum (CRYPTO: $ETH ).

Abra also enables trading in hundreds of crypto tokens and allows clients to earn yield and borrow cash against their digital assets.

Management at Abra say that the company operates as an SEC-registered investment adviser and frames its services as a bridge between traditional wealth management and crypto markets.

Money raised from the SPAC deal will be used to support product development and expansion into areas such as tokenized real-world assets and decentralized finance (DeFi).

Abra has a stated goal of managing more than $10 billion U.S. by 2027.

The company previously ran a crypto trading operation aimed at retail investors before returning funds to clients and pivoting to focus on institutional investors and high-net-worth customers.