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Partior, a leading blockchain payment network backed by major financial institutions such as JPMorgan, DBS, and Standard Chartered, has successfully raised $60 million in Series B funding.
The funding round was spearheaded by Peak XV Partners, with contributions from Valor Capital Group and Jump Trading Group.
Significantly, JPMorgan, Standard Chartered, and existing investor Temasek also participated in this funding round.
Partior to Create Blockchain-Based Interbank Payment System
As a joint initiative among DBS, JPMorgan, and Standard Chartered, Partior seeks to develop a cohesive blockchain-based interbank payment framework that enables immediate clearing and settlement.
The recent capital infusion will allow Partior to improve its capabilities in intraday foreign-exchange (FX) swaps and cross-currency repurchases.
Utilizing blockchain technology to optimize banking operations has become increasingly prevalent in the sector.
For example, JPMorgan’s Onyx network has processed transactions totaling hundreds of billions of dollars since its inception several years ago.
In a recent advancement, Fidelity employed Onyx to tokenize shares in a money market fund, further illustrating the practical uses of blockchain-based systems.
The successful funding round for Partior highlights the increasing acknowledgment and backing for blockchain-enabled payment solutions within the financial industry.
With the support of industry leaders and the influx of new capital, Partior is well-positioned to broaden its influence and reinforce its status as a key player in the blockchain payment network arena.
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Payment Firms Embrace Cryptocurrencies
In April, fintech leader Stripe revealed its decision to once again permit customers to accept cryptocurrency payments after a six-year hiatus.
The company is commencing with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains.
In 2014, Stripe ventured into the cryptocurrency space with trials involving Bitcoin, the original digital currency.
However, in 2018, the company opted to cease its support for Bitcoin due to its volatility and unsuitability as a payment method.
In addition to Stripe, other payment firms have also embraced stablecoins as a payment option.
Recently, Singapore-based payment provider Triple-A announced intentions to incorporate PayPal’s stablecoin into its roster of supported tokens for customer transactions.
As the first licensed crypto payments firm in Singapore, Triple-A aims to implement support for PayPal’s stablecoin, PYUSD, by the end of June.
Currently, the company provides payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.
Tether’s USDT continues to be the leading stablecoin in the cryptocurrency market, with around $110 billion in circulation.
In contrast, PYUSD, which was introduced in August 2023, has a circulating supply of just over $200 million.
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