PolySign, which provides financial institutions with blockchain-enabled infrastructure, has closed its Series B funding round on $53m.
This deal included a strategic partnership with Cowen Digital Asset Investment Company. As part of this deal, Cowen invested $25m into PolySign.
Other commitments to the Series B round came from Blockchain.com, Race Capital, Sandia Holdings and PilotRock Investments.
This equity infusion will be used to accelerate PolySign’s development of institutional blockchain applications.
Cowen and PolySign plan to leverage each other’s expertise to create a comprehensive digital asset solution for institutional clients. Standard Custody & Trust Company, a subsidiary of PolySign, will offer institutional grade, regulated custody solutions for a wide range of digital assets.
Its security program combines blockchain technology end-to-end encryption and distributed trust protocols to protect secret keys.
In addition to providing institutional investors with compliant access to the crypto and digital asset space, the companies are seeking new opportunities by integrating PolySign’s digital banking technology with Cowen’s sales and trading platform.
Cowen Chair and CEO Jeffrey M. Solomon said, “As digital assets continue to grow and mature as an asset class, institutional investors need trusted custody and trading solutions on par with their requirements for investing in traditional securities.
“Our partnership with PolySign is another example of how we, at Cowen, position ourselves to better serve our clients by identifying disruptive trends that we believe will impact investment markets for years to come.”
In conjunction with the deal, Cowen co-president Dan Charney, will join the PolySign board of directors, alongside COO John Holmes.
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