Parfin Raises $10 Million Series A to Introduce Enterprise-Grade Blockchain Infrastructure to Global Financial Industry

Parfin, the digital assets infrastructure company powering global finance on the blockchain, this week announced the first closing of its Series A round, raising $10 million in a first closing. Led by ParaFi Capital, with participation from Framework Ventures, L4 Venture Builder, and Núclea, the total funding is expected to reach $16 million by the end of the second closing. The funding will allow Parfin to continue developing Rayls, an enterprise-grade blockchain, attract top talent, and fuel its 2024 global expansion.

With $38 million in total funding to date and a proven track record serving top institutions such as B3 Digitas (the digital asset services subsidiary of B3 – Brazilian Stock Exchange), Banco BV, Núclea, Parfin plans to bring its proven expertise to global financial markets with a focus on Asia, Latin America, and Europe.

“Parfin champions a unified finance (UniFi) approach, combining the best of traditional (TradFi) and decentralised (DeFi) finance, which has already helped global financial institutions benefit from blockchain technology,” said Marcos Viriato, Parfin cofounder and CEO. “With this new funding, we can help more banks and financial institutions realise new sources of revenue and stay relevant by leveraging the efficiency, security, and transparency of digital assets.”

Parfin’s approach, bridging the gap between DeFi and TradFi, allows financial institutions to comply with regulations and provides the level of privacy and security they require. It also enables regulatory compliance in local jurisdictions, while leveraging all the advantages of blockchain.

"Parfin has built best-in-class software products to onboard financial institutions to blockchain rails," said Ben Forman, Managing Partner at ParaFi. "The Parfin team is uniquely qualified to conquer this opportunity and have already made great progress bringing the top financial institutions in Latin America on-chain. We are excited to support them as they embark on this next phase of growth and expansion."

Solutions Built for Financial Institutions

In June 2024, Parfin launched Rayls, the first EVM blockchain system that unifies permissioned and public blockchains while providing enterprise-grade privacy, scalability, interoperability, and decentralisation simultaneously. Rayls is ideal for various financial use cases, including:

• Tokenisation of financial instruments
• Central Bank Digital Currency(CBDC)
• FMI Settlements
• Intra-institution transactions
• Cross-border foreign exchange

Besides Rayls, the company also offers the Parfin Platform, a product that provides an adaptable and secure solution for financial institutions, enabling brokerage, custody, and efficient management of digital assets. The Parfin Platform is already trusted by some of the biggest and most respected financial institutions in the Latam region.

Rayls is currently part of the official pilot with the Central Bank of Brazil, where it is being tested for its unique Ethereum Virtual Machine(EVM) privacy and scalability capabilities, which are essential for Central Bank Digital Currency (CBDC) initiatives.

Additionally, Rayls is being used in production with Núclea, one of the biggest financial institutions in the Southern Hemisphere, processing over 29billion transactions in 2023.

Since raising its seed round in early 2023, Parfin has established itself as a must-watch innovator in the financial services industry:

• Main customers: Núclea, B3 Digitas, and Banco BV
• Mastercard Start Path Program: In May 2024, Parfin was selected to take part in Mastercard's ‘Start Path Blockchain and Digital Assets’ program to drive best-in-class user experiences and expand use cases that demonstrate the power of blockchain technology.

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About Parfin  

Parfin is a financial technology company building enterprise-grade software products to allow financial institutions to adopt blockchain rails. Founded in 2019 by seasoned veterans of investment banking and blockchain technology, Parfin is the core developer of Rayls, taking a unified finance (UniFi) approach that enables traditional finance to use the latest blockchain technology with the required level of compliance, security and privacy. Building blockchain technology products for the world’s leading financial institutions, digital assets traders, and developers, Parfin is paving the way for a world with more efficient, transparent and inclusive markets. Learn more at www.parfin.io.  

About ParaFi

ParaFi Capital is a leading alternative asset management firm that operates hedge fund and venture capital strategies focused on the digital asset ecosystem. Founded in 2018,ParaFi was among the earliest investors in the blockchain industry and has evolved into a trusted partner by leading institutions globally with $1bn+ AUM. ParaFi’s investment and technology team pursues idiosyncratic opportunities across venture, liquid, and quantitative strategies with a focus on bridging traditional capital markets and blockchain technology. As a firm, ParaFi is committed to a culture of rigorous research, technical development, and institutional underwriting to enable exceptional results for our partners and portfolio companies. Learn more at www.parafi.com

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