Parfin Raises $10M in Series A Funding

Parfin, the crypto infrastructure company building an enterprise-grade blockchain, has successfully raised $10 million in the first round of its Series A funding, with expectations of raising millions more.

Funding Details

The round was led by ParaFi Capital, with additional participation from Framework Ventures, L4 Venture Builder, and Núclea. A second round of Series A financing is anticipated to bring in another $16 million, raising the total funding to $38 million to date.

Company Background

Founded in 2019, Parfin plans to utilize the capital to further develop its unique Rayls network and enhance its global outreach, especially in Latin America. The company aims to bridge the gap between DeFi (Decentralized Finance) and TradFi (Traditional Finance), enabling established institutions, such as a subsidiary of the Brazilian Stock Exchange, Banco BV, and the crypto exchange Bitso, to leverage crypto in a compliant manner.

Rayls Network Overview

The Rayls network is a permissioned EVM blockchain tailored for enterprise use cases including tokenization, CBDCs (Central Bank Digital Currencies), and intra-institution transactions. It mandates Know Your Customer (KYC) compliance for all accounts while ensuring user privacy. Furthermore, it can connect to the DeFi ecosystem through the Rayls Public Chain, an Ethereum Layer 2 solution.

Partnerships and Services

The blockchain is currently part of a Central Bank of Brazil CBDC pilot and was chosen to join the Mastercard Start Path Program in May. It has also received support from Accenture Ventures’ Project Spotlight, alongside early funding from the global professional services company.

In addition to its blockchain services, Parfin offers stablecoin, fiat on/off ramp, and crypto brokerage services, according to its website.