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.

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