Blockchain
Blockchain Transaction Startup Partior Raises $60M From Peak XV, Jump Trading
Partior, a blockchain-based cross-border payments startup, has raised multimillion-dollar funding from a pool of investors to expand its payments offerings.
SingaporeCross-border blockchain transaction startup Partior has raised $60 million in a Series B funding round led by Peak XV Partners (formerly Sequoia India & Southeast Asia) to double down on its efforts to address liquidity fragmentation.
In addition to Peak XV, the round was also supported by Jump Trading, Valor Capital and existing shareholders such as Temasek Holdings, J.P. Morganand Standard Chartered, according to a Bloomberg report.
The proceeds are expected to help the Singapore government-incubated startup expand its settlement offerings by introducing new solutions such as intraday forex swaps, cross-currency repos and delivery-versus-payments in securities. The startup’s valuation following the latest funding remains undisclosed.
Founded in 2021 as part of the Ubin Project led by the Monetary Authority of Singapore with participation from Temasek, DBS and JPMorgan, Partior aims to simplify international payments and settlements using blockchain technology. In mid-May, Standard Chartered announced the successful completion of its euro-denominated cross-border transactions between Hong Kong and Singapore via Partior.
In mid-February, JPMorgan released results of a survey conducted among over 4,000 institutional traders.
The survey revealed a significant decline in confidence in blockchain use cases among large investors, as only 7% of respondents viewed blockchain as a promising technology in the next three years, a sharp decline from the 25% reported in 2022. Despite this decline, blockchain still ranked third in terms of prospects, behind API integration (13%) and artificial intelligence/machine learning (61%).