Standard Custody and Trust, has closed its US $53 million Series C funding round with participation from US solutions provider Cowen Digital and European hedge fund company Brevan Howard.
Standard Custody & Trust Company, is a regulated custodian and subsidiary of PolySign, offering a security programme that combines proprietary blockchain technology, end-to-end encryption, and distributed trust protocols to protect private keys.
Standard Custody and Trust’s closing of its Series C round follows PolySign’s Series B raise in May 2021, as well as its acquisition of Denver-based financial institution MG Stover in April 2022.
Standard Custody & Trust’s integrated escrow solution enables investors to buy and sell digital assets directly from custody, which is designed to reduce the risk of external transfers and inefficient transactions between multiple accounts and different providers.
Jack McDonald, CEO of PolySign, says: “While crypto has captured immense interest from retail investors, the role that institutional investors carry in shaping the future of the digital asset space cannot be understated. A better platform for custody and fund administration is necessary to serve their unique needs and help expand the market.”
“With this latest funding round and support from major institutions, as well as our recent acquisition of MG Stover, PolySign’s solutions are making the world of digital assets more attractive to institutional investors and accelerating the transition from traditional finance to decentralised finance.”
Drew Forman, head of Cowen Digital, comments: “Cowen Digital is proud to be part of PolySign’s latest investment round. As a trusted partner, PolySign already forms a key component of Cowen Digital’s trade execution and custody ecosystem. This investment continues to put both firms at the forefront in serving the growing demand from institutional investors for safe, secure and seamless access to digital assets.”
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