Partior, a blockchain settlement company owned by JPMorgan Chase and Standard Chartered Bank, completed US$60 million in financing

This site (120btC.coM): Partior, a blockchain payment and settlement network supported by many financial giants JPMorgan Chase, DBS Bank and Standard Chartered Bank, revealed in an announcement on the 12th that it has been in the latest It raised US$60 million in Series B funding, with high-frequency trading giant Jump Trading and Singapore government investment company Temasek also participating.

What is Partior?

As a joint venture between JPMorgan Chase, Standard Chartered Bank and DBS Bank, Partior is a company focused on providing "real-time inter-bank clearing and settlement" services based on a global unified ledger.

According to its official website, this financial technology company headquartered in Singapore mainly targets the London, New York, Singapore and Hong Kong markets, and provides digital, non-digital assets and national currencies to banks and payment providers "real-time, cross-border, and Multi-currency clearing and settlement (PvP&DvP)” function.

It is said that the above three financial giants are currently using Partior to facilitate payments between customers and banks in order to monitor their fund flows more immediately and around the clock.

Partior completes US$60 million in financing

Partior’s press release on Friday stated that the company announced it has received US$60 million in Series B financing, led by Sequoia Capital subsidiary Peak XV Partners, Brazilian venture capital Valor Capital Group and High-frequency trading giant Jump Trading Group invested.

At the same time, founding shareholders JPMorgan Chase, Standard Chartered Bank, DBS Bank and Temasek also continue to provide financial support.

Partior admitted frankly that there are many challenges in the traditional payment industry, including easy delays, high costs, information transparency and different compliance standards in different countries. The above problems also occur in foreign exchange settlement, over-reliance on infrastructure and cumbersome procedures. SOP is also one of the shortcomings.

In this regard, the company emphasized that this round of financing will be used to promote the development of new features, including intraday foreign exchange trading, cross-currency repurchase, instant multi-bank payment and corporate liquidity management: this investment will significantly support Partior’s international Growth to integrate more currencies such as the Australian dollar (AUD), Brazilian real (BRL), Japanese yen (JPY) and British pound (GBP) into its network.

Partior CEO: Blockchain-based cross-border transactions have endless prospects

In this regard, Partior CEO Humphrey Valenbreder expressed optimism about its blockchain-based cross-border transaction services: Partior is breaking the barriers between systems (breaksilos) , rewriting the rules for cross-border clearing and settlement, and the support of the world’s top banks and investors further proves that we are on the right track.

Dan Schulman, managing partner of Valor Capital Group, also said in the statement: We see Partior’s huge potential in simplifying cross-border payments and foreign exchange settlements, which is critical to solving existing challenges in the industry.

However, cases of using blockchain technology to enhance such banking services are now quite common.

Specifically, including JPMorgan Chase’s Onyx network, which has settled more than 100 billion US dollars in transactions, and the Singaporean authorities’ RWA program, Project Guardian, etc., they are all quite familiar cases.

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