After a successful Series B funding round, Polysign has raised the sum of $53 million in its Series C funding. The crypto startup however chose to keep mute on its present valuation at the close of the round.
Without any lead investor, Polysign received the said amount from three different investors. These investors are Brevan Howard, a hedge fund firm; Cowen Digital, the crypto arm of Cowen Bank and GSR, a crypto firm.
Renowned for offering institutional trading and custody, Polysign said that it secured a credit line of $25 million from Boathouse Capital. This move, however, has been questioned by analysts who feel the firm should rather have raised a higher equity fund.
With more liquidity, Polysign CEO, Jack McDonald said he would push to tie the knot on the acquisition of MG Stover. According to him, this acquisition process was first announced in April, and now Polysign hopes to get it done with.
As a qualified Custodian, Polysign plans to expand the frontiers of its division which is known as Standard Custody & Trust Company. This division of Polysign is accredited for offering patented technology for securing secret keys.
Standard Custody & Trust Company also provides an escrow platform that eliminates the risk involved in buying and selling digital assets. It, therefore, provides unique protection to institutional investors who require a high level of security when accessing the market.
With Decentralized Finance (DeFi) growing in adoption across the crypto space, McDonald reiterated his firm’s desire to bolster DeFi platforms. This he plans to do while working on expanding his business footprint into Europe, Asia, and the Middle East.
The CEO also mentioned that although job cuts have become a trend, he, however, plans to onboard some new staff. Noting;
“We currently have about 180 employees and we are looking to increase that number to about 230.”
With the crypto winter projected to last longer than anticipated, several crypto firms have resorted to job cuts to stay afloat.
American-based crypto exchange Coinbase was one of the very first to trail this path. The exchange announced that it would be laying off about 18% of its staff as it envisaged a prolonged crypto trading dearth.
However, similar to Polysign’s recruitment plan, Binance said that it is looking to fill out about 2,000 new positions before the end of the year.