Partior, a blockchain-based payment network backed by financial giants such as JP Morgan, DBS Bank, and Temasek, has successfully closed a $60 million Series B funding round. This significant milestone underscores the growing interest and investment in blockchain technologies aimed at streamlining and enhancing cross-border payment systems.
Formed in 2021 as a joint venture, Partior has rapidly advanced in developing a multi-currency blockchain payment network. The latest funding round saw participation from existing investors, including Standard Chartered, which joined the consortium in late 2022. The firm’s innovative approach leverages tokenization to address the inefficiencies and delays typically associated with traditional cross-border payment methods.
Partior's network promises to merge payment instructions and money movements into a single, seamless transaction, drastically reducing friction and enabling near-instantaneous settlement. This is particularly beneficial for sectors prone to significant delays due to the current reliance on separate messaging and money transfer systems.
The company's primary use case involves multi-currency cross-border payments, a market segment known for its complexity and sluggishness. By utilizing blockchain technology, Partior aims to provide a robust solution that ensures faster, more secure transactions. The network operates by using correspondent banks like JP Morgan, DBS, and Standard Chartered as core settlement banks. This structure facilitates efficient currency exchanges and digital payments, even in cases where direct banking relationships do not exist between the transacting parties.
Partior's innovative solution is poised to offer substantial benefits, including 24/7 transaction capabilities and the reduction of traditional banking hours' constraints. Additionally, the firm has announced plans to expand its use cases to include FX settlement and payment versus payment (PvP) mechanisms, further broadening its operational scope.
This infusion of capital will enable Partior to accelerate its development and implementation of new features, enhancing its ability to compete in the burgeoning blockchain and digital currency space. The company’s progress reflects a broader trend of increasing institutional adoption of blockchain technology in financial services, aiming to harness its potential to transform traditional banking operations.
The significant backing from prominent financial institutions highlights the confidence in Partior's vision and the anticipated impact of its technology on the global financial system. As blockchain continues to gain traction, platforms like Partior are at the forefront of this financial revolution, promising more efficient, transparent, and secure transactions across borders.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
