A $53 million Series C investment round was completed by the cryptocurrency firm PolySign, which provides custody, trading, and administrative infrastructure for institutions.
According to Tuesday’s release, investors in the round include GSR, a cryptocurrency trading company and market maker, Brevan Howard, a hedge fund founded by British billionaire Alan Howard, and Cowen Digital, a cryptocurrency unit for investment banking Cowen. For the round, no lead investor was identified.
In addition to the equity capital, private equity firm Boathouse Capital has provided PolySign with a $25 million credit facility.
PolySign CEO Jack McDonald stated:
“In actuality, PolySign raised more equity than it had anticipated. We are quite confident in our company and our potential for growth, thus we did not want to “share more equity with investors.”
According to McDonald, PolySign began its fundraising efforts in the first quarter of this year and completed the round earlier this month.
With some support, PolySign aims to end the acquisition of the MG Stover that was announced in April, according to McDonald. A crypto fund administrator called MG Stover offers accounting and reporting services to investors. It claims to be in charge of more than $40 billion in digital assets.
In addition, PolySign aims to grow an ongoing security business through its subsidiary, Standard Custody & Trust Company, a subsidiary of the New York Regional Treasury (NYDFS).
McDonald stated that PolySign intends to grow in Asia, the Middle East, and Europe. He stated that the company is seeking to enable decentralised finance (DeFi) systems within its infrastructure in terms of product expansion. According to McDonald, PolySign currently employs 180 employees and is hoping to hire another 50 or so.
Over a year after the company also raised $53 million in Series B capital, PolySign has completed its Series C funding round. Regarding the company’s valuation in the most recent round, McDonald declined to comment.
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