According to PANews, blockchain infrastructure company Parfin has raised $10 million in the first round of its Series A funding. The round was led by ParaFi Capital, with participation from Framework Ventures, L4 Venture Builder, and Núclea. Parfin aims to raise an additional $16 million in the second round of Series A funding, bringing its total funding to $38 million.
Founded in 2019, Parfin plans to use the funds to continue developing its custom Rayls network and expand into global markets, particularly in Latin America. Rayls is a permissioned EVM blockchain designed for enterprise applications such as tokenization, central bank digital currencies (CBDCs), and inter-institutional transactions. All accounts on the network must comply with KYC requirements while maintaining user privacy and connecting to the DeFi world through the Rayls public chain.
The blockchain is currently involved in the Brazilian central bank's CBDC pilot and was selected for Mastercard's Start Path program in May. Additionally, Parfin offers services including stablecoins, fiat on-ramps and off-ramps, and crypto brokerage services.