Partior Raises $60M in Series B to Expand Blockchain Payment Network

Partior, a blockchain-based payment network supported by financial giants JPMorgan, DBS, and Standard Chartered, has successfully closed a $60 million Series B funding round. Peak XV Partners led the investment, with participation from Valor Capital Group, Jump Trading Group, and existing backers JPMorgan, Standard Chartered, and Temasek.

Revolutionizing Interbank Payments with Blockchain

Partior, a joint venture between DBS, JPMorgan, and Standard Chartered, aims to create a unified blockchain infrastructure for instant interbank clearing and settlement. The fresh capital will allow the company to expand its offerings, particularly in intraday foreign-exchange swaps and cross-currency repurchases.

The financial industry has increasingly embraced blockchain technology to streamline banking processes. JPMorgan's Onyx network, for example, has processed transactions worth hundreds of billions of dollars since its inception. Recently, Fidelity utilized Onyx to tokenize shares in a money market fund, demonstrating the practical applications of blockchain in finance.

This successful funding round highlights the growing support for blockchain-powered payment solutions within the financial sector. With backing from industry leaders and new capital, Partior is well-positioned to expand its reach and cement its status as a key player in the blockchain payment network space.

Payment Industry Embraces Cryptocurrencies

In a related development, fintech giant Stripe recently announced its return to accepting cryptocurrency payments after a six-year hiatus. The company will initially support USDC stablecoins on Solana, Ethereum, and Polygon blockchains. Stripe first experimented with Bitcoin in 2014 but suspended support in 2018 due to volatility concerns.

Other payment firms have also adopted stablecoins. Singapore-based Triple-A, the country's first licensed crypto payments company, plans to integrate PayPal's stablecoin, PYUSD, into its supported tokens by the end of June. The company currently offers payment services in Bitcoin, Ether, and stablecoins from Tether and Circle.

Tether's USDT remains the market-leading stablecoin with approximately $110 billion in circulation. In comparison, PYUSD, launched in August 2023, has a circulating supply of just over $200 million.