Parfin Secures $15 Million for Blockchain Innovation
Parfin, a pioneering company in the digital asset sector, is dedicated to accelerating the institutional adoption of blockchain technology. Their primary focus is on devising innovative solutions that facilitate seamless access to the blockchain ecosystem while upholding the utmost standards for security, robustness, and regulatory compliance. On January 17th, 2023, in São Paulo, Parfin announced that it successfully raised $15 million in a seed investment round. This funding round was led by Framework Ventures, a prominent venture capital firm based in San Francisco known for its proactive involvement in decentralized finance (DeFi). Also participating in the funding were other notable investors, including the Brazilian Stock Exchange (B3) through its L4 Venture Builder investment fund—pending regulatory approval—along with Valor Capital Group and Alexia Ventures.
Founded in 2019, Parfin's mission is to construct comprehensive web3 solutions tailored for institutions eager to navigate the digital asset landscape.
The newly acquired funds will play a crucial role in enhancing their existing product offerings and facilitating the launch of new services, notably Parchain. This next-generation permissioned blockchain network is designed to enable DeFi applications and asset tokenization for regulated entities, with an emphasis on privacy, portability, and interoperability. As Marcos Viriato, the CEO and co-founder of Parfin, expressed, “Raising these funds in such a complex and challenging market deepens our confidence in Parfin’s market strategy, technology, and products.” He emphasized that the investment will significantly bolster their leadership position and support their global expansion ambitions during this critical building phase.
Parfin provides an impressive array of web3 infrastructure solutions for institutional clients, including its innovative Crypto as a Service (CaaS) and Multy-Party Computation (MPC) custody options. Through these offerings, organizations can quickly integrate crypto solutions for their end-users or ensure their digital assets are protected with state-of-the-art security measures. Parfin's platform also facilitates secure treasury management, multi-exchange trading across more than twenty leading exchanges, and a comprehensive range of reporting tools to assist clients with their activities and tax compliance. Nonetheless, according to Brandon Potts, Principal at Framework Ventures, despite the rapid growth of DeFi and the overall crypto landscape, significant institutions remain cautious about fully integrating into web3 due to concerns about regulatory obligations and security risks. He remarked, “As permissioned DeFi flourishes and institutions seek access to secure and compliant infrastructure solutions, we think Parfin’s highly experienced team and impressive technology stack place them in pole position to onboard the first wave of regulated entities into web3.”
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