Crypto infrastructure firm PolySign raises $53 million in Series C funding (via Yogita_Khatri5)
The firm plans to finance MG Stover’s acquisition and expand its custody business, says CEO Jack McDonald.
Investors in the round included Brevan Howard, a 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.
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. PolySign started its fundraising efforts in the first quarter of this year and closed the round earlier this month, said McDonald.that it announced in April, McDonald said. MG Stover is a crypto fund administrator providing investors accounting and reporting services. It claims to maintain over $40 billion in digital assets under administration.
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