Quick take:
- The company is eyeing $16 million from its second tranche of the Series A round.
- Parfin said the latest funding brings the total raised to $38 million.
- The permissioned Ethereum L2 plans to use the capital to advance the development of its bespoke Rayls network and accelerate global expansion.
Parfin, a permissioned Ethereum L2 has raised $10 million from its first tranche of a Series A round. ParaFi Capital led the round with participation from Framework Ventures, L4 Venture Builder and Núclea.
Parfin said it plans to raise a further $16 million from the second tranche of the round. The crypto infrastructure developer has now raised $38 million in total, according to an announcement on Wednesday.
The company is also building Rayls Network, an UniFi blockchain network that combines the reliability, privacy and compliance of traditional finance (TradFi) with the access, innovation and endless possibilities of decentralised finance (DeFi). Rayls is being developed for use cases including tokenization, CBDCs and intra-institution transactions.
Parfin said it plans to use the fresh capital to accelerate the development of the Rayls network whilst also advancing its global expansion.
The Brazilian Central Bank chose Rayls for the development of its CBDC. Brazilian Stock Exchange subsidiary, Banco BV and crypto exchange Bitso are also leveraging Rayls for their various crypto projects.
Commenting on the fundraising, Parfin co-founder Marcos Viriato highlighted the important role his company plans to play as it seeks to “help more banks and financial institutions realize new sources of revenue and stay relevant by leveraging the efficiency, security, and transparency of digital assets.”
In May 2024, Parfin was selected for the Mastercard Start Path, a program designed to support Web3 and crypto startups with tailored training, and collaboration opportunities, whilst providing access to Mastercard’s network and customers.
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