Quick take:
JPMorgan, Standard Chartered and Tamasek also joined the round.
Partior is developing unified blockchain-based interbank payment rails for instant clearing and settlement.
The project is a joint venture between JPMorgan, DBS and Standard Chartered.
Partior, a blockchain-based payment network being built by DBS, JPMorgan and Standard Chartered has raised $60 million in a Series B round led by Peak XV Partners. The fundraising also attracted participation from Valor Capital Group, Jump Trading Group, JPMorgan, Standard Chartered and Tamasek, according to an announcement on Friday.
Partior wants to address the challenges that traditional cross-border payment systems face by establishing unified blockchain payment rails for instant clearing and settlement.
The company plans to use the fresh capital to improve intraday foreign-exchange swaps and cross-currency repurchase agreements, a programmable enterprise liquidity manager, and “just-in-time” multibank payments, the company said.
This is not the first product that JPMorgan has been part of, which seeks to speed up cross-border settlement processes. Onyx, its blockchain subsidiary has handled hundreds of billions of dollars since going live a few years ago, with banking institutions being its main clients.
The Singapore government-incubated startup was founded in 2021 as part of the Monetary Authority of Singapore-led Project Ubin. In May 2024, Standard Chartered completed Euro-denominated cross-border transactions between Hong Kong and Singapore via the Partior network.
Commenting on the successful completion of the transactions, Humphrey Valenbreder, Chief Executive Officer, Partior said in a statement: “The onboarding of Standard Chartered expands Partior’s network coverage to include the Euro, in addition to US Dollars and Singapore Dollars, and enhances connectivity for end clients serviced across major financial centres including Singapore, Hong Kong, Frankfurt, London and New York.”
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
The post Partior Secures $60M Series B to Build Blockchain-Based Payment Network appeared first on NFTgators .