Digital asset infrastructure firm PolySign raises $53m 

The fresh capital will help PolySign accelerate its transition from traditional to decentralised finance

Digital asset infrastructure firm PolySign                                 
PolySign CEO Jack McDonald said the funding will accelerate the transition from traditional finance to decentralised finance – Photo: Shutterstock
                                

PolySign, a digital asset infrastructure firm that provides blockchain-enabled services, has closed a $53m Series C round to boost its product offering and help serve its institutional investors.

The round was led by Cowen Digital, Brevan Howard and GSR Markets, with the company securing an additional $25m credit facility with Boathouse Capital. The funding comes just a few months after PolySign acquired fund administrator firm MG Stover in a bid to accelerate its product development plans for its institutional investors, clients and asset managers.

PolySign CEO Jack McDonald said the Series C funding will help make digital assets more attractive to institutional investors as well as accelerate the transition from traditional finance to decentralised finance.

The funding comes just over a year after the firm’s Series B round, which closed in May 2021 – and at a time where the wider crypto market prepares for a ‘crypto winter’ as it continues to witness a downward trend. Bitcoin has slipped nearly 70% from its record high.

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. 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.”

Colleen Sullivan from Brevan Howard Digital said: “In a time where trust in counterparties, embracing regulation, and understanding crypto and market risk are rightfully heightened, we are proud to support outstanding operators like Jack McDonald and Matt Stover, who are building products and services that are necessary to take our industry to the next level.”

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