PolySign Gets $53M to Enhance Institutional Services and Asset Managers

Blockchain infrastructure firm PolySign has raised an extra $53 million, to potentially enable rapid and automatic settlements for various crypto assets. Hedge fund Brevan Howard, cryptocurrency market maker GSR, and Cowen Digital took part in the round. The latter firm, which financial services company Cowen established in March, provides custody solutions through a joint venture with PolySign subsidiary Standard Custody and Trust Company. The money was mainly used to buy fund administrator MG Stover, which the company announced in April. We are thrilled to announce the close of our Series C round & grateful for the opportunity to work with phenomenal investors & our amazing team @PolySignInc / @StandardCustody and @MGStoverCo Let’s go !https://t.co/DZ8Ht5Q0tx — PolySign (@PolySignInc) June 28, 2022 Fund To Be Used In Service Enhancement According to a statement from PolySign, acquiring the business accelerates the company’s product development and service advancements for institutional investors and asset managers. At the time of the acquisition, the industry had $40 billion in digital assets under management. Soon, PolySign wants to keep concentrating on its fund administration business through MG Stover and its custody products through Standard Custody and Trust Company. PolyNet, a settlement layer that would provide quick and automatic settlement for various assets, is its third core product, according to McDonald. The la...