JP Morgan-backed firm named Partior has completed the Series B funding round. As per details, the firm in question has indicated that the platform has been conducting transactions on behalf of various financial giants such as DBS, Temasek, and JP Morgan. The platform was able to raise around $60 million at the conclusion of the Series B funding round.
Partior also Receives Support from Many Banking Firms
It has also amassed support from UK banking firm Standard Chartered and was led by Peal XV Partners on 12th July 2024. A venture capital firm namely Valor Capital Group and Jump Trading Group also provided support in addition to the aforementioned organizations.
Partior management mentioned in a recent blog post that the firm is working on making a unified ledger, a blockchain-backed bridge, cross-border real-time payments, multi-fiat clearance, and settlement services for financial firms with inclusion of banking firms and payment services companies.
The platform mentioned in the recent post that the funding will help the trading platform to enable new features such as intraday FX swaps, cross-currency exchanges, programmable liquidity management, and just-in-time multi-banking transactions.
At the same time, the firm noticed that the platform is set to work on the expansion of the international network and integration of fiat currencies such as AUD, CAD, CNH, JPY, GBP, MYR, BRL, AED, QAR, SAR, CAD, and other on its local network.
Partior to Revolutionize International Payments
Partior has been operating out of Singapore since its conception in 2021 facilitated by DBS, Sematek, and JP Morgan. The main mission of the platform is to lessen the obstacles and delays taking place in cross-border payments, trading transactions, and forex settlements.
The latest funding round for this organization was supported and organized by Peal XV Partners. This supporting firm itself was morphed out of Sequoia Capital in 2023 June.
The focus of the new VC was to decentralize the infrastructure of the organization. Peak XV Partners is formed out of the Indian and South-East Asian portion of the former conglomerate. Managing Director at Peak Shailendra Singh has talked about the scope of the firm while retaining it as ambitious and exciting in the latest blog post.
He noticed that Partior has high ambitions and it is working on changing the global money transfer and remittance sector by working with banks.
The executive further stated that the platform is taking a unique approach by involving multiple banking firms. In this regard, various platforms have joined forces to bring about major changes within the local sector. He also talked about the excitement of working with financial giants such as JP Morgan, Standard Chartered, DBS, and Temasek as co-shareholders.
Crypto Industry to Face Restrictions Under Labour Party Rule
After the latest and unexpected political changes taking place in the UK, the Labour Party has emerged as an unrivaled winner. While the new administration reigns supreme, the change can spell big trouble for the local crypto industry. Possibilities and dangers are lurking ahead for the digital asset sector following the election of the Labour Party after 14 years.
However, Exchequer Chancellor Rachel Reeves has retained plans to utilize national Bitcoin reserves to finance party goals. Arkham Intelligence has estimated that the UK government holds around 61,245 Bitcoins in national reserves that are valued at around $4 billion.
As per the statement issued by the recently appointed Chancellor Reeves, the new administration will take a discretionary approach to allocate the Bitcoin reserves.
At the same time, Reeves has retained that option to liquidate the Bitcoin reserves are part of Labour Party plans to bring about economic stability and growth. King Charles III advised the Labour Party on 17th July to give priority to affordable housing and railway system improvements.
At the same time, former Shadow Economic Secretary and Shadow City Minister Tulip Siddiq has shared the aim to introduce stringent regulations on the digital asset sector.
