Blockchain Payment Network Partior Secures $60M in Series B Funding

CryptoNews.com

2024-07-12 02:53:15

Ruholamin Haqshanas

Last updated:

July 12, 2024, 06:53 EDT | 2 min read

Partior, a prominent blockchain payment network supported by major banking institutions including JPMorgan, DBS, and Standard Chartered, has successfully secured $60 million in Series B funding.

The investment round was led by Peak XV Partners, with participation from Valor Capital Group and Jump Trading Group.

Notably, JPMorgan, Standard Chartered, and existing investor Temasek also joined the funding round.

Partior to Establish Blockchain-Based Interbank Payment

As a collaborative venture between DBS, JPMorgan, and Standard Chartered, Partior aims to establish a unified blockchain-based interbank payment infrastructure that facilitates instant clearing and settlement.

The latest injection of capital will enable Partior to enhance its capabilities in intraday foreign-exchange (FX) swaps and cross-currency repurchases.

Leveraging blockchain technology to streamline banking processes has become increasingly common in the industry.

JPMorgan’s Onyx network, for instance, has facilitated transactions worth hundreds of billions of dollars since its launch several years ago.

In a recent development, Fidelity utilized Onyx to tokenize shares in a money market fund, further showcasing the practical applications of blockchain-based s.

The successful funding round for Partior demonstrates the growing recognition and support for blockchain-powered payment solutions within the financial sector.

With the backing of industry giants and the infusion of additional capital, Partior is poised to expand its reach and solidify its position as a leading player in the blockchain payment network space.

Payment Firms Adopt Cryptocurrencies

Back in April, Fintech giant Stripe announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.

The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains.

In 2014, Stripe dipped its toes into the world of cryptocurrency with tests involving Bitcoin, the pioneering digital currency.

However, in 2018, the company decided to halt its support for Bitcoin due to its volatility and lack of suitability as a means of exchange.

Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.

More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.

As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD, by the end of June.

Currently, the company offers payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.

Tether’s USDT remains the dominant stablecoin in the crypto market, with approximately $110 billion in circulation.

In comparison, PYUSD, which launched in August 2023, has a circulating supply of just over $200 million.

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