Today PolySign announced it raised a $53 million Series C funding round, the same amount as its Series B in May last year. Investors in the round include Cowen Digital, Brevan Howard, GSR and others. Additionally, the company secured a $25 million credit facility.
Initially, PolySign mainly focused on digital asset custody through its Standard Custody and Trust division. The technology was developed by two Ripple technologists, Arthur Britto and David Schwartz, who co-created Ripple’s XRP Ledger. Britto founded Standard.
In April, the company acquired digital asset fund administrator MG Stover which at the time had $40 billion in digital assets under administration. The combination of fund administration and custody gives PolySign a unique market positioning in a relatively competitive digital asset custody space. When Blockchain.com Asset Management launched its fund service, it chose Standard Custody.
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