Crypto infrastructure firm PolySign raises $53 million in Series C funding

Quick Take

  • PolySign has raised $53 million from Brevan Howard, Cowen Digital and GSR.
  • The firm plans to finance MG Stover’s acquisition and expand its custody business, says CEO Jack McDonald.

PolySign, a crypto startup that offers custody, trading and administration infrastructure for institutions, has raised $53 million in a Series C funding round.  

Investors in the round included Brevan Howard Digital, the digital assets unit of the hedge fund co-founded by British billionaire Alan Howard; Cowen Digital, the crypto division of the investment bank Cowen; and GSR, a crypto trading firm and market maker, according to an announcement on Tuesday. There was no lead investor mentioned for the round.

Besides the equity funding, PolySign has also received a credit facility worth $25 million from private equity firm Boathouse Capital.

When asked why PolySign went for the credit facility instead of raising a bigger Series C round, CEO Jack McDonald told The Block in an interview that it was a "very deliberate" decision to raise debt for the first time. PolySign, in fact, raised more equity than it initially planned, he added.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy