California-Based Fintech Company PolySign Collects $53M to Grow Its Team

California-Based Fintech Company PolySign Collects $53M to Grow Its Team

The recent funding round will greatly contribute toward a faster shift from traditional finance to decentralized finance.

PolySign, a California-based early-stage financial technology firm launched in 2018, has collected $53M in a Series C funding round to expand its staff by adding accountants and engineers to the team.

The fundraising saw participation from hedge fund Brevan Howard, trading spot crypto Cowen Digital, crypto market maker GSR, and others.

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The news actually comes after PolySign recently announced that it cashed in a $25M credit facility for Boathouse Capital, a Philadelphia-based private structured equity organization that has more than $350M of capital in its possession. Back in April, the firm also purchased MG Stover, a fund administration organization that provides services to VC, funds, hedge funds, and private equity.

According to the official announcement issued on June 28, the recently obtained capital will be primarily used to increase PolySign’s employee count from 165 workers by 20% to 30%. On top of that, Jack McDonald, CEO of PolySign, recently mentioned that the massive fund will also help the firm rapidly boost its technology spend.

McDonald has also noted that the company is in a need of skilled individuals that have experience in communicating with institutional investors, as well as those who know how to play in the crypto ecosystem. McDonald added:

“It's either finding people that have an expressed interest in the space or experience or at least are curious and want to come on board.”

Drew Forman, head and managing director of Cowen Digital, commented on the funding round and stated that the company is happy to assist PolySign on its mission. He added:

“As a trusted partner, PolySign already forms a key component of Cowen Digital’s trade execution and custody ecosystem. 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.”

In other news, it seems as though a number of crypto-driven organizations are raising millions of dollars despite the current bearish crypto market conditions. For instance, earlier this month, NFT infrastructure startup NFTPort announced that it collected $26M which will allow the company to expand to new blockchains.

On top of that, on June 8, an investment adviser Delphia cashed in $60M. The funds will reportedly assist the company in rolling out its brand new Delphia Data rewards token.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree