In its Series A round, blockchain firm Parfin raised $10 million to expand globally and bridge blockchain and traditional finance.
Parfin, a blockchain infrastructure company supported by Mastercard, has raised $10 million after successfully closing the first tranche of its Series A fundraising.
The firm published a press release stating that Framework Ventures, L4 Venture Builder, Núclea, and ParaFi Capital led the investment round. By the end of the second closing, the total funding is expected to exceed $16 million.
Through 2024, Parfin hopes to expand globally, hire more staff, and further develop its enterprise-grade blockchain platform, Rayls, with the support of the fundraising proceeds.
The strategic significance of the funding was emphasized by Parfin co-founder Marcos Viriato, who stated that the company will be able to “assist more banks and financial institutions realize new sources of revenue and stay relevant by leveraging the efficiency, security, and transparency of digital assets.”
Defi and tradfi synchronization in Latin America
Parfin, which was founded in 2019 by Marcos Viriato, Alex Buelau, and Cristian Bohn, seeks to close the gap between traditional finance and decentralized finance by providing financial institutions with the privacy and regulatory compliance they require while utilizing blockchain technology.
Parfin was chosen in May to participate in Mastercard’s Start Path program, which offers specialized training, opportunities for collaboration, and access to Mastercard’s network and client base for blockchain and digital asset businesses.
The business has raised $38 million to date and works with clients like Banco BV, Núclea, and B3 Digitas, the Brazilian Stock Exchange’s digital asset services division.
Furthermore, the Brazilian central bank is also exploring Ethereum’s virtual machine privacy and scalability solutions for central bank digital currency efforts through Parfin’s Rayls platform as part of a pilot study.
