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Fintech Firm PolySign Raises $53M in Series C Funding Round Led by Cowen Digital
Summary: Blockchain fintech firm PolySign has raised $53 million in a Series C funding round led by Cowen Digital, Brevan Howard, GSR and others in order to increase their headcount and finetune their services, according to a press release Tuesday. PolySign also secured a $25 million credit facility from Boathouse Capital, a private equity firm. PolySign ...
Blockchain fintech firm PolySign has raised $53 million in a Series C funding round led by Cowen Digital, Brevan Howard, GSR and others in order to increase their headcount and finetune their services, according to a press release Tuesday.
PolySign also secured a $25 million credit facility from Boathouse Capital, a private equity firm.
PolySign provides institutional grade infrastructure for investors through its subsidiary Standard & Trust Company, and through their recently acquired fund administration MG Stover.
“Market volatility has often obscured the biggest hurdle to institutional involvement – security,” CEO Jack McDonald said. “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 decentralized finance.”
According to McDonald, he aims to use the recently acquired funds to increase their headcount from 165 employees to right around that 200 number. In addition, he plans to continue to develop their services and platform to help the space and its investors.
“A better platform for custody and fund administration is necessary to serve their unique needs and help expand the market,” said the CEO.
PolySign has been steadily growing its custody and funding administration products over the last year after securing $53 million in a series B funding round in May of last year. Cowen was at the forefront of that funding round as well. In April this year, PolySign acquired MG Stover, a full-service fund administration firm.
“As a trusted partner, PolySign already forms a key component of Cowen Digital’s trade execution and custody ecosystem,” head of Cowen Digital, Drew Forman said. “This investment continues to put both firms at the forefront in serving the growing demand from institutional investors for safe, secure and seamless access to digital assets.”
Author: Tyler Irvin
Tags: Cowen Digital,MG Stover,PolySign
Link: Fintech Firm PolySign Raises $53M in Series C Funding Round Led by Cowen Digital [Copy]
