Partior, a blockchain payment and settlement network backed by multiple financial giants JPMorgan Chase, DBS Bank and Standard Chartered Bank, revealed in an announcement on the 12th that it had raised US$60 million in the latest Series B financing. High-frequency trading giant Jump Trading and Singapore government investment company Temasek also participated.
What is Partial?
As a joint venture of JPMorgan Chase, Standard Chartered Bank and DBS Bank, Partior is a company focused on providing "real-time inter-bank clearing and settlement" services based on a global unified ledger.
According to its official website, this financial technology company headquartered in Singapore mainly targets the London, New York, Singapore and Hong Kong markets, and provides digital, non-digital assets and national currencies to banks and payment providers "real-time, cross-border, and multi-currency". Various clearing and settlement (PvP & DvP)” functions.
It is said that the above three financial giants are currently using Partior to facilitate payments between customers and banks in order to monitor their fund flows in a more real-time and around the clock.
Partior completes US$60 million in financing
Partior announced a $60 million Series B round of funding led by Peak XV Partners, a subsidiary of Sequoia Capital, with funding from Brazilian VC Valor Capital Group and high-frequency trading giant Jump Trading Group, according to a press release on Friday.
At the same time, founding shareholders JPMorgan Chase, Standard Chartered Bank, DBS Bank and Temasek also continue to provide financial support.
Partior admitted that there are many challenges in the traditional payment industry, including easy delays, high costs, information transparency and different compliance standards in different countries. The above problems also occur in foreign exchange settlement, with over-reliance on infrastructure and cumbersome SOPs. It's all one of the shortcomings.
Here, the company emphasized that this round of financing will be used to promote the development of new features, including intraday foreign exchange trading, cross-currency repurchase, real-time multi-bank payment and corporate liquidity management, etc.:
The investment will significantly support Partior's international growth to integrate additional currencies such as the Australian dollar (AUD), Brazilian real (BRL), Japanese yen (JPY) and British pound (GBP) into its network.
Partior CEO: Blockchain-based cross-border transactions have endless prospects
In this regard, Partior CEO Humphrey Valenbreder expressed optimism about its blockchain-based cross-border transaction services:
Partior is breaking silos between systems and rewriting the rules of cross-border clearing and settlement, and the support of the world's top banks and investors is further proof that we are on the right track.
Dan Schulman, managing partner of Valor Capital Group, also said in the statement:
We see great potential for Partior to simplify cross-border payments and foreign exchange settlements, which is critical to solving existing challenges within the industry.
However, the use of blockchain technology to enhance such banking services is now quite common.
Specifically, including JP Morgan Chase’s Onyx network, which has settled more than 100 billion US dollars in transactions, and the Singaporean authorities’ RWA program Project Guardian, they are all quite familiar cases.
(JPMorgan Chase’s digital asset platform Onyx will test tokenized wealth management services with Avalanche)
This article, Partior, a blockchain settlement company owned by JPMorgan Chase and Standard Chartered, completed US$60 million in financing, first appeared on Chain News ABMedia.
