Encrypted infrastructure company PolySign completes $53 million in Series C financing, plans to expand custody services

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

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Summary:- PolySign announced the completion of $53 million in Series C financing, with participation from Brevan Howard, Cowen Digital and GSR.- Chief executive Jack McDonald said the company plans to finance the MG Stover acquisition and expand its custody business.

PolySign is a cryptocurrency startup providing custody, trading and management infrastructure for institutions. The company recently announced the completion of $ 53 million in Series C financing.

Investors participating in the round include hedge fund Brevan Howard, co-founded by British billionaire Alan Howard, Cowen Digital, the crypto arm of investment bank Cowen, and cryptocurrency trading firm and market maker GSR, according to a statement Tuesday. No lead investor was named in the round.

It is worth mentioning that Cowen and PolySign

have previously partnered and invested in

. In March of this year, Cowen launched Cowen Digital LLC, a digital asset division. The division will provide institutional clients with a full range of trade execution and custody solutions. Cowen Managing Director Drew Forman will lead the division.

In addition to the equity financing this time, PolySign also received a $25 million line of credit from private equity firm Boathouse Capital.AnnounceAsked why PolySign opted for a credit facility rather than a larger Series C round, CEO Jack McDonald told The Block that raising debt for the first time was a "very deliberate" decision. In reality, PolySign raised more equity than originally planned, he added.

"We're so confident in PolySign's business and future opportunities that we don't want to share more equity with investors," McDonald said.

PolySign began financing in the first quarter of this year and closed its current round earlier this month, McDonald said.

With the new funding, PolySign aims to complete the acquisition of MG Stover announced in April, McDonald said. MG Stover is a crypto fund management company dedicated to providing accounting and reporting services to investors. MG Stover is said to manage over $40 billion in digital assets. At that time, PolySign