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Standard Chartered, Blockchain Payments Firm JPMorgan Raises $60M
In its latest funding round, the Standard Chartered and JPMorgan-backed blockchain payment network Divider has raised $60 million. The two entities are investors in the network, which has raised the renewed capital to continue expanding its offering.
The company said the investment will help develop its own ledger-based interbank binaries for real-time settlement. Additionally, the funding was led by Peak XV, ValorCapital and Jump Trading. These firms join Standard Chartered, JPMorgan and Temasek.
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JPMorgan and Standard Chartered’s Blockchain Payment System Get Massive Funding
In what could be a momentous moment for digital assets, Standard Chartered and JPMorgan-backed blockchain payment network Partior have raised $60 million. In fact, the company announced the newly raised capital in a recent statementIn particular, it highlights the company’s hope to pioneer “global transactions based on unified accounting records.”
“Pariot is a hugely ambitious attempt to transform global money transfer and settlement between banks,” said Shailendra Sigh, CEO of PeakVX. “It’s a unique approach where multiple banks have come together to catalyze change in this space.”
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The funding will help implement new features in real-time interbank rail services. Specifically, it will work on FX swaps, expanded currencies and just-in-time multi-bank payments. The company was founded by JPMorgan Temasek and DBS in 2021. Standard Chartered became a founding shareholder a year later.
Both banking giants are already using the network. Additionally, their clients such as Siemens and iFAST Financial are using the network with US Dollar, Euro and Singapore Dollar supported.
The continued development of the network could be immensely important to the growth of blockchain financial solutions. The funding should see the project continue to expand its offerings and capabilities.