Blockchain infrastructure firm Parfin, backed by Mastercard, closed the first tranche of this financing round and raised $10 million. This investment is considered an important step in the company’s goal of shaping the future of the financial sector by using blockchain technology.

This investment round was led by ParaFi Capital and supported by contributions from investors including Framework Ventures, L4 Venture Builder and Núclea. Total financing is expected to reach $16 million at the second closing. It is stated that this additional financing will help Parfin achieve its goals and accelerate its growth strategies.

Parfin plans to use the raised funds for the development of enterprise-level blockchain platform Rayls. Rayls enables financial institutions to increase operational efficiency and benefit from the security and transparency offered by digital assets by leveraging blockchain technology.

Additionally, a portion of the funds will be used to invest in increasing the company’s workforce and accelerating its global expansion efforts through 2024. Parfin’s founding partner, Marcos Viriato, stated that this financing will contribute greatly to the company’s realization of its strategic goals.

Viriato emphasized that this financing will provide new revenue sources to more banks and financial institutions and help these institutions maintain their relevance by benefiting from the efficiency, security and transparency offered by digital assets.

Founded in 2019 by Marcos Viriato, Alex Buelau and Cristian Bohn, Parfin aims to close the gap between decentralized finance and traditional finance. The company aims to leverage the benefits of blockchain technology while providing financial institutions with the regulatory compliance and privacy they need.

Parfin has developed various strategies to realize this vision and continues to work to strengthen its place in the sector.

In May, Parfin was selected for Mastercard’s Start Path program. This program provides blockchain and digital asset startups with specific training, collaboration opportunities and access to Mastercard’s extensive network.

The Start Path program is a platform designed to help young startups strengthen their place in the industry and grow. Parfin’s selection for this program is considered as an indicator of the company’s potential and impact in the sector.

The company has raised a total of $38 million to date and serves major clients such as Banco BV, Núclea, and B3 Digitas, the digital asset services subsidiary of the Brazilian Stock Exchange.

Parfin’s Rayls platform is also testing Ethereum’s virtual machine privacy and scalability solutions as part of a pilot program with the Central Bank of Brazil.

This pilot program aims to provide potential solutions for central bank digital currency initiatives and showcases Parfin’s ability to test innovative solutions in the financial sector with blockchain technology. These strategic steps by Parfin reflect the company’s determination and vision in shaping the future role of blockchain technology.