PolySign, a cryptocurrency infrastructure company, attracted $53 million in a Series C financing round.
The fundraising began in the first quarter of 2022 and concluded in early June.
Investors included hedge fund Brevan Howard Asset Management, Cowen Digital – the cryptocurrency arm of investment bank Cowen – and trading market-maker GSR.
In addition to equity financing, PolySign also secured a $25 million loan from private investment firm Boathouse Capital.
CEO Jack McDonald noted that, thanks to the loan, the amount raised exceeded the initial target.
“We are confident in the prospects of our business, so we did not want to share a larger equity stake with investors,” he added.
McDonald declined to comment on the company’s valuation following the latest round.
The funds will be used to acquire administrator MG Stover, as well as to expand PolySign’s depository and custodial business. The latter is run through its subsidiary, Standard Custody & Trust Company, which holds a cryptocurrency trust license from the New York State Department of Financial Services.
Priority regions include Europe, the Middle East and Asia.
Back in May 2021, PolySign completed a Series B round worth $53 млн.
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