Partior, a leading blockchain payment network supported by major banks such as JPMorgan, DBS, and Standard Chartered, has recently secured $60 million in Series B funding. This investment round was led by Peak XV Partners, with Valor Capital Group and Jump Trading Group also participating. Notably, JPMorgan, Standard Chartered, and existing investor Temasek were part of the funding round. Partior’s goal is to establish a unified blockchain-based interbank payment infrastructure to enable instant clearing and settlement across institutions. The new funding will help enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases.
The use of blockchain technology to streamline banking processes is gaining momentum within the industry. JPMorgan’s Onyx network, for example, has facilitated transactions worth hundreds of billions of dollars since its inception. Fidelity recently utilized Onyx to tokenize shares in a money market fund, showcasing real-world applications of blockchain-based systems. The successful funding round for Partior reflects the increasing recognition and support for blockchain-powered payment solutions in the financial sector. With the backing of major industry players and additional capital infusion, Partior is well-positioned to expand its reach and solidify its position as a leading player in the blockchain payment network space.
In a separate development, payment firms are increasingly adopting cryptocurrencies as a means of payment. Fintech giant Stripe recently announced its decision to once again allow customers to accept cryptocurrency payments after a six-year hiatus. The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains. Other payment companies have also embraced stablecoins for payments, with Singapore-based payments company Triple-A planning to integrate PayPal’s stablecoin into its list of supported tokens for customer payments. Triple-A, as the first licensed crypto payments firm in Singapore, aims to introduce support for PayPal’s stablecoin, PYUSD, by the end of June.
Stripe’s re-entry into the cryptocurrency payment space comes after an initial foray in 2014 with Bitcoin tests. However, in 2018, the company decided to halt its support for Bitcoin due to volatility and suitability concerns as a means of exchange. With the increasing adoption of stablecoins as a more stable alternative, payment companies are exploring new avenues for digital payments. Tether’s USDT remains the dominant stablecoin in the market, with a circulation of around $110 billion, while PYUSD, launched in 2023, has a circulating supply of just over $200 million. With the evolving landscape of digital payments and the integration of blockchain technology, the financial sector is witnessing a shift towards more efficient and secure payment solutions.
