PolySign, founded by Ripple co-founder Arthur Britto, closed a $53 million Series B round. It was led by U.S. bank Cowen with a strategic investment of $25 million.
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Exciting news at the first close of our Series B fundraising — PolySign is forming a strategic partnership with @Cowen_Inc following their leading $25 million investment. https://t.co/NNCE6T39ix
— PolySign (@PolySignInc) May 13, 2021
Blockchain.com, Race Capital, Sandia Holdings, and PilotRock Investments also participated in the round.
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According to the statement, the raised capital will be used to accelerate development of institutional-grade blockchain applications for the custody and management of cryptocurrencies.
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\”As digital assets continue to grow and mature as an asset class, institutional investors need reliable storage and trading solutions that meet their requirements for investing in traditional securities,\” said Cowen CEO Jeffrey Solomon.
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In the context of the strategic partnership, the bank and the blockchain company plan to leverage each other’s expertise to jointly implement a comprehensive solution for the management of digital assets for institutional investors.
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Custodial services will be provided by Standard Custody & Trust Company, a PolySign subsidiary that holds a cryptocurrency trust license from the New York Department of Financial Services (NYDFS).
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The partners intend to leverage the capabilities of Cowen’s digital-banking platform.
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\”The synergy between PolySign and Cowen’s innovative, rapidly growing capital markets platform will be rocket fuel for our next-generation technologies for the financial markets,\” said Arthur Britto.
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In 2021, the average size of venture investments in crypto companies rose 120%.
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