August 14, 2024
Parfin, a crypto infrastructure firm developing an enterprise-grade blockchain, has secured $10 million in the initial round of its Series A funding and anticipates raising additional millions. The funding round was led by ParaFi Capital, with contributions from Framework Ventures, L4 Venture Builder, and Núclea. A second Series A round is expected to bring in another $16 million, bringing the total funding to $38 million so far.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Parfin | $10M | August 14, 2024 | Series A | $38M | ParaFi Capital | Infrastructure |
Founded in 2019, Parfin plans to use the funds to further develop its custom Rayls network and expand globally, especially into Latin America. The Rayls system connects DeFi and TradFi, enabling established institutions like a Brazilian Stock Exchange subsidiary, Banco BV, and crypto exchange Bitso to use crypto compliantly.
Rayls is a permissioned EVM blockchain designed for enterprise applications such as tokenization, CBDCs, and intra-institution transactions. It requires Know Your Customer (KYC) compliance for all accounts, maintains user privacy, and can connect to DeFi through the Rayls Public Chain, an Ethereum Layer 2 solution.
About Parfin
Parfin is a modular platform designed for secure digital asset custody, tokenization, trading, and management. It offers robust infrastructure to support various financial institutions, crypto exchanges, and other entities in managing digital assets efficiently. Parfin's solutions include Crypto as a Service (CaaS), custody services, and the Rayls network, which bridges DeFi and traditional finance (TradFi). The platform emphasizes security, compliance, and seamless integration with existing financial systems, aiming to facilitate the adoption of digital assets in a compliant and user-friendly manner.
Website: https://parfin.io/en
About Investor
Investor: ParaFi Capital
ParaFi is a crypto-native investment and technology firm that focuses on the digital asset ecosystem. Established in 2018, ParaFi employs a deeply technical, research-driven approach to investing and portfolio management. The firm invests across both liquid and private digital asset markets, utilizing fundamental, thesis-driven strategies as well as quantitative and systematic methods. ParaFi supports early-stage and growth businesses within the blockchain space, prioritizing companies with exceptional founders, strong competitive advantages, and compelling unit economics. The firm's engineering and quantitative teams develop critical technology infrastructure to enhance data research, trading, and portfolio and risk management.
Location: Greenwich
Website: https://parafi.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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