Polysign concludes series C rounds worth $ 53 million

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Financing
  • Polysign plans the introduction of the billing layer Polynet in the first quarter of 2023
  • The financing round follows the company's capital increase in the amount of $ 53 million in May 2021

Blockchain infrastructure provider Polysign has applied another 53 million US dollars to finally offer immediate and automatic accounts for a number of cryptoassets.

The participants of the round included the hedge fund Brevan Howard, the crypto marketmaker GSR and Cowen Digital. The latter business that the financial services company Cowen started in March offers custody solutions via Cowen's partnership with the Polysign subsidiary Standard Custody and Trust Company.

The capital was mainly used for the takeover of the fund administrator MG Stover, as the company announced in April. The purchase of the company, which at this time had $ 40 billion in digital assets under administration, accelerates the company's product development services for institutional investors and asset managers, said Polysign in an explanation.

Jack McDonald, CEO of Polysign, told Blockworks that the Financing Round of Series C would also enable the company to hire engineers, accountants and customer service teams and to accelerate its technology editions.

In the short term, Polysign wants to continue to focus on its Custody offers through Standard Custody and Trust Company and its fund management business through MG Stover. The third core product, said McDonald, is Polynet, a layer of processing that would offer immediate and automatic processing for a number of assets. Polysign expects to launch the latter offer in the first quarter of the next year.

Polysign has also secured a loan factility of $ 25 million at Boathouse Capital, it said on Tuesday.

mcdonald emphasized the importance of institutional investors in the field of digital assets and said in a explanation: "A better platform for custody and fund management is necessary to meet its unique needs and contribute to the expansion of the market."

The financing round follows the procurement of $ 53 million by Polysign in May 2021. Cowen led this series-B round with a strategic investment of $ 25 million and was supported by Blockchain.com, Race Capital, Sandia Holdings and Pilotrock Investments.

McDonald refused to comment on the ratings of Polysign after each round, but according to the data provider for private markets PitchBook, the recent increase of the company has driven the company to over $ 500 million.

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The article Polysign closes $ 53m Series C Round is not a financial advice.