Blockchain Fintech Firm, PolySign, Raises $53M to Expand Staff
- Polysign also garnered approximately $25 million on credit from a private equity firm, Boathouse. The company intend to use the funds in making new hirings from the global market.
A leading Blockchain fintech organization, Polysign has acquired $53 million via a Series C funding round. Notable institutions like Cowen digital, Brevan Howard, and GSR finance capital participated in the funding round.
The company has announced that the funds will be directed towards hiring new staff members.
“We’re looking for people ideally that have experience in crypto or digital assets. We’re also looking for people who understand and have serviced institutional clientele,” McDonald said. “It’s either finding people that have an expressed interest in the space or experience or at least are curious and want to come on board.”
PolySign On the Drawing Board
PolySign is doing contrary to what some crypto firms are doing lately, hiring more people. Furthermore, the company can afford to make new hires with such funds at its disposal.
Worth noting, that Polysign also garnered approximately $25 million on credit from a private equity firm, Boathouse.
Confirming the development, Polysign CEO, Jack McDonald disclosed that the firm will increase its full-time employee by 20% to 30%. The CEO revealed that the organization will scout for talents across the global finance industry. Currently, Polygsign’s full-time employees are about 165.
Furthermore, McDonald indicated that the firm will be watching out for individuals who have sound experience in cryptocurrency and other virtual assets. He opined that the recruitment process will be toned down by employing people who are interested in cryptocurrency or curious about what and how to help the firm. The CEO revealed that Polygon has about 200 clients, represents over 400 initiatives, and utilizes up to $35 billion in assets.
Around May 13, 2021 Polysign raised about $53 million via its series B funding round. Participants in the funding rounds included Cowen, Race Capital, Sandia Holding, and PilotRock investments. Then, Cowen led the funding round which resulted in PolySign providing the firm with its cryptocurrency custody services.
Through the partnership, PolySign aided Cowen clients in seamlessly accessing digital assets. Ever since the firm has been improving its custody and funding administration.
Worth noting, PolySign acquired MG Stover, a digital fund administration that has the biggest digital assets under its management, in April 2022. The acquisition aided PolySign to offer advanced services to institutional crypto investors. The procurement enhanced Polysign’s plans to adopt more features for institutional investors and asset administrators.
The company was created to provide an institutional-grade system for investors via its subsidiary Standard Custody & Trust Company. Additionally, the company uses the helix fund administration through MG Stover, another organization the firm just procured.