- In its first round of Series A funding, Parfin, a cryptocurrency infrastructure startup creating a permissioned Ethereum Layer 2, raised $10 million.
- Enterprise use cases like tokenization, CBDCs, and intra-institution transactions are the focus of its Rayls network.
The enterprise-grade blockchain startup Parfin, which is developing its own crypto infrastructure, raised $10 million in its Series A funding round and anticipates raising millions more.
Leading the round were ParaFi Capital, Framework Ventures, L4 Venture Builder, and Núclea. An additional $16 million is anticipated to be raised in a second round of Series A investment. According to the company, it has raised $38 million in capital in total thus far.
Founded in 2019, Parfin intends to use the funds to grow internationally, especially into Latin America, and to continue growing its unique Rayls network. With the help of its technology, which connects DeFi and TradFi, well-known organizations like Bitso, a cryptocurrency exchange, and Banco BV, a subsidiary of the Brazilian Stock Exchange, can use cryptocurrency in a way that complies with regulations.
With an emphasis on enterprise use cases like tokenization, CBDCs, and intra-institution transactions, Rayls is a permissioned EVM blockchain. All accounts must comply with Know Your Customer (KYC) regulations; however, users’ anonymity is protected, and the Rayls Public Chain, an Ethereum Layer 2, provides a link to the DeFi world.
The blockchain was chosen to be a part of the Mastercard Start Path Program in May and is currently a part of a CBDC pilot program run by the Central Bank of Brazil. Additionally, it was supported by Accenture Ventures’ Project Spotlight and got first finance from the multinational provider of professional services.
Parfin also offers stablecoin, fiat on/off ramp, and cryptocurrency brokerage services, according to their website.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
