Partior, a blockchain payment network supported by major banking institutions like JPMorgan, DBS, and Standard Chartered, has successfully secured $60 million in Series B funding. This funding round was led by Peak XV Partners, with additional contributions from Valor Capital Group and Jump Trading Group. Existing investor Temasek, along with JPMorgan and Standard Chartered, also participated in this funding round.
The main objective of Partior is to create a unified blockchain-based interbank payment system that allows for instant clearing and settlement of transactions. This innovative approach to banking processes has become increasingly common in the financial sector.
The newly acquired funds will be utilized to enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases. By leveraging blockchain technology, Partior aims to streamline and expedite these financial transactions, ultimately benefiting both banks and their customers.
One notable example of successful blockchain implementation is JPMorgan’s Onyx network, which has facilitated the settlement of hundreds of billions of dollars in transactions since its launch a few years ago. Recently, Fidelity used the Onyx network to tokenize shares in a money market fund, showcasing the practical applications of blockchain technology in the financial industry.
The collaboration between banking giants like JPMorgan, DBS, and Standard Chartered highlights the growing importance of blockchain-based solutions in modern banking operations. With the support of leading investors and financial institutions, Partior is well-positioned to drive innovation and efficiency in the interbank payment landscape.
Overall, the successful funding round for Partior underscores the increasing adoption of blockchain technology in the financial sector and paves the way for further advancements in digital payment systems. As the industry continues to evolve, partnerships like the one between JPMorgan, DBS, and Standard Chartered will play a crucial role in shaping the future of banking.