PolySign Completes $53 Million Series C Funding Round

UTC by Babafemi Adebajo · 2 min read
PolySign Completes $53 Million Series C Funding Round
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Digital asset infrastructure provider, PolySign, has completed its Series C funding round, raising $53 million.

The round was co-led by previous investors Cowen Digital, Brevan Howard, GSR, and others. The firm has now raised about $133.2 million from eight rounds of funding. Additionally, the firm also obtained a $25 million credit facility from Boathouse Capital.

According to the firm, the latest fund will be used to expand the company’s employee base by 20-30%. The company hopes to attract professionals from the traditional finance industry, particularly those with crypto and digital asset experience.

Explaining its plan, PolySign CEO Jack McDonald said the firm is looking to attract people who are either experienced in the space or curious. McDonald also noted the firm preferred those with experience serving international clients.

Head of Cowen Digital, Drew Forman, affirmed its continued support for PolySign. He noted that the investment will help both companies serve “the growing demand for safe, secure and seamless access to digital assets.”

On his part, the Head of Brevan Howard, Colleen Sullivan, stated the reason for their continued support of PolySign. He stated that the firm was building products and services that’ll take the industry to the next level.

PolySign CEO Claims Institutional Investors Critical to Future of Digital Assets

Meanwhile, Jack McDonald has acknowledged the significant role of institutional investors in developing the digital asset ecosystem. He noted that security was a greater drawback to institutional investment than market volatility. He further opined that fixing the security challenge will make it easier for institutional investors to transition into decentralized finance.

“A better platform for custody and fund administration is necessary to serve their unique needs and help expand the market,” he concluded.

PolySign provides blockchain infrastructure that enables institutional investors to invest in digital assets across capital markets. It does this through its subsidiary, Standard Custody & Trust Company, which recently obtained its trust charter from the New York Department of Financial Service (NYDFS). It also recently acquired MG Stover for fund administration in April.

According to McDonald, PolySign manages over 200 clients, 400 different funds and products, and up to $35 billion in assets.

Business News, Market News, News
Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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