Blockchain-enabled FinTech PolySign nabs $53m

PolySign, a developer of blockchain-enabled digital asset infrastructure, has closed its Series C funding round on $53m.

Commitments came from Cowen Digital, Brevan Howard, GSR and more.

In addition to the equity, the company has raised $25m in a credit facility from Boathouse Capital.

PolySign provides institutional investors with blockchain-enabled infrastructure in support of digital assets.

Standard Custody & Trust Company is a next-generation NYDFS regulated custodian and subsidiary of PolySign. It offers a security program that combines blockchain technology, end-to-end encryption and distributed trust protocols to protect private keys.

Its integrated escrow solution enables investors to buy and sell digital assets directly from custody, lowering risks of external transfers and inefficient transactions between multiple accounts and providers.

PolySign CEO Jack McDonald said, “While crypto has captured immense interest from retail investors, the role that institutional investors carry in shaping the future of the digital asset space cannot be understated. A better platform for custody and fund administration is necessary to serve their unique needs and help expand the market.

“Market volatility has often obscured the biggest hurdle to institutional involvement – security. With this latest funding round and support from major institutions, as well as our recent acquisition of MG Stover, PolySign’s solutions are making the world of digital assets more attractive to institutional investors and accelerating the transition from traditional finance to decentralised finance.”

PolySign previously raised $53m in its Series B round back in May 2021.

The FinTech company recently acquired MG Stover, a full-service administration firm for the alternative asset industry. PolySign hopes the acquisition will accelerate its product development plan and support the creation of new enhancements.

Earlier in the month, Alloy secured #2.6m in its pre-seed round. The company offers a decentralised finance platform for institutional investors

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