Partior, a leading blockchain payment network backed by major banking institutions such as JPMorgan, DBS, and Standard Chartered, has successfully raised $60 million in a Series B funding round.
Funding Round Details
The investment round was spearheaded by Peak XV Partners and included contributions from Valor Capital Group and Jump Trading Group. Additionally, JPMorgan, Standard Chartered, and existing investor Temasek also participated in the funding round.
Partior’s Ambitious Plans
Partior is a collaborative venture initiated by DBS, JPMorgan, and Standard Chartered, aiming to develop a unified blockchain-based interbank payment infrastructure that facilitates instant clearing and settlement. The recent capital infusion 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 prevalent in the financial industry. JPMorgan’s Onyx network, for instance, has processed transactions worth hundreds of billions of dollars since its launch several years ago. Recently, Fidelity used Onyx to tokenize shares in a money market fund, demonstrating the practical applications of blockchain-based systems.
Industry Support and Future Prospects
The successful Series B funding round for Partior signifies the growing recognition and support for blockchain-powered payment solutions within the financial sector. With the backing of industry giants and the additional capital, Partior is well-positioned to expand its reach and solidify its status as a leading player in the blockchain payment network space.
Payment Firms Embrace Cryptocurrencies
In April, fintech giant Stripe announced its decision to reintroduce cryptocurrency payments after a six-year hiatus, starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains. Stripe had initially explored cryptocurrency payments in 2014 with Bitcoin but halted support in 2018 due to Bitcoin’s volatility and lack of suitability as a means of exchange.
Other payment companies are also adopting stablecoins. Singapore-based payments company Triple-A plans to integrate PayPal’s stablecoin, PYUSD, into its list of supported tokens for customer payments by the end of June. Triple-A, the first licensed crypto payments firm in Singapore, currently 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 contrast, PayPal’s PYUSD, launched in August 2023, has a circulating supply of just over $200 million.
Conclusion
The substantial investment in Partior underscores the financial sector’s increasing confidence in blockchain technology. As Partior continues to develop its blockchain-based interbank payment infrastructure, it is set to play a crucial role in the future of digital payments, while other payment firms’ adoption of cryptocurrencies signals a broader shift towards integrating digital assets into mainstream financial services.
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