JPMorgan and Standard Chartered's blockchain settlement company, Partior, completes $60 million in funding.

Partior, a blockchain payment and settlement network supported by several financial giants including JPMorgan, DBS Bank, and Standard Chartered, revealed in a announcement on the 12th that it has raised $60 million in its latest Series B funding round, with high-frequency trading firm Jump Trading and Singapore government investment company Temasek participating.

What is Partior?

As a joint venture between JPMorgan, Standard Chartered, and DBS Bank, Partior is a company focused on providing "real-time interbank clearing and settlement" services based on a globally unified ledger.

According to its official website, this fintech company based in Singapore primarily targets markets in London, New York, Singapore, and Hong Kong, offering banks and payment providers the functionality of "real-time, cross-border, and multi-currency settlement and clearing PvP & DvP" for digital and non-digital assets as well as various national currencies.

Reportedly, the three aforementioned financial giants currently use Partior to facilitate payments between clients and banks, enabling real-time and round-the-clock monitoring of their fund flows.

Partior Completes $60 Million Funding

Partior's press release on Friday announced that the company secured $60 million in funding in a Series B round led by Sequoia Capital subsidiary Peak XV Partners, with investments from Brazilian venture capital firm Valor Capital Group and high-frequency trading giant Jump Trading Group.

Additionally, founding shareholders JPMorgan, Standard Chartered, DBS Bank, and Temasek continue to provide financial support.

Partior acknowledges that the traditional payment industry faces various challenges, including delays, high costs, lack of transparency, and differing compliance standards across countries; these issues also exist in foreign exchange settlement, with over-reliance on infrastructure and cumbersome SOPs being among the drawbacks.

The company emphasizes that this funding round will be used to drive the development of new features, including same-day forex trading, cross-currency repos, real-time multi-bank payments, and corporate liquidity management:

The investment will significantly support Partior's international growth to integrate more currencies like the Australian Dollar (AUD), Brazilian Real (BRL), Japanese Yen (JPY), and British Pound (GBP) into its network.

Partior CEO: Boundless Future of Cross-Border Transactions with Blockchain

Partior CEO Humphrey Valenbreder expresses optimism for their cross-border transaction services based on blockchain:

Partior is breaking silos between systems, rewriting the rules of cross-border clearing and settlement, and the support of top-tier banks and investors further validates our direction.

Valor Capital Group Managing Partner Dan Schulman also stated in a release:

We see tremendous potential in Partior simplifying cross-border payments and forex settlements, which is crucial for addressing existing challenges in the industry.

However, the use of blockchain technology to enhance such banking services is now quite common.

Specifically, familiar cases include JPMorgan's Onyx network, settling over a billion dollars in transactions, and Singapore's RWA initiative Project Guardian, among others.

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