Parfin Raises $10 Million in Series A Funding to Expand Digital Assets Infrastructure
Parfin, a digital assets infrastructure company, has successfully secured an initial $10 million in a Series A investment round, with expectations to increase the total to $16 million by the conclusion of a second closing. This funding is pivotal for Parfin as it aims to enhance its enterprise-grade blockchain solution, known as Rayls, and to broaden its global presence, particularly in key markets such as Asia, Latin America, and Europe.
According to CEO and co-founder Marcos Viriato, the newly acquired funds will enable Parfin to assist an increasing number of banks and financial institutions in tapping into new revenue streams. He emphasized the importance of leveraging the efficiency, security, and transparency that digital assets offer in a rapidly evolving financial landscape. Viriato stated, “With this new funding, we can help more banks and financial institutions realize new sources of revenue and stay relevant by leveraging the efficiency, security, and transparency of digital assets.”
The funding round was spearheaded by ParaFi Capital, a prominent player in the cryptocurrency investment space. Other noteworthy participants included Framework Ventures, L4 Venture Builder, and Núclea. To date, Parfin has raised a total of $38 million, including a prior funding round conducted in January 2023, which raised $15 million and was also led by Framework Ventures.
Clientele and Market Impact
Parfin boasts a diverse portfolio of clients that includes B3 Digitas, a digital asset services subsidiary of B3, the Brazilian stock exchange, as well as Banco BV, one of Brazil’s leading financial institutions. The company’s solutions cater to a growing demand for digital asset management and are designed to support various financial operations and innovations.
Introducing Rayls: A Versatile Blockchain Solution
Launched in June 2024, Rayls is an advanced Ethereum Virtual Machine (EVM) blockchain system that integrates both permissioned and public blockchains, tailored specifically for enterprise-grade applications. This innovative product is strategically positioned to facilitate a range of initiatives, including:
- Financial instrument tokenization projects
- Development and implementation of central bank digital currencies (CBDCs)
- Intra-institution transactions aimed at enhancing operational efficiency
Notably, Rayls is currently being utilized in the official pilot program spearheaded by the Central Bank of Brazil to explore the launch of its own CBDC. This collaboration underscores the significance of Rayls in shaping the future of digital currency and financial transactions in Brazil.
Conclusion
As Parfin continues to innovate and expand its offerings, the company is poised to play a crucial role in the evolution of digital assets within the global financial ecosystem. With the backing of significant investments and a robust technological foundation, Parfin is well-equipped to meet the growing demands of banks and financial institutions seeking to leverage the advantages of digital asset infrastructure.