Share this article
Fintech Firm PolySign Raises $53M to Expand Staff
The funding round follows the firm’s acquisition of fund administrator MG Stover in April.
By Cam Thompson
Updated May 11, 2023, 4:17 p.m. Published Jun 28, 2022, 1:00 p.m.
Make us preferred on Google
Blockchain fintech firm PolySign has raised $53 million in a Series C funding round with participation from Cowen Digital, Brevan Howard, GSR and others, the company said Tuesday in a press release. Valuation for the company following the latest funding round was not disclosed.
In addition to the funding round, PolySign has also secured a $25 million credit facility from private equity firm Boathouse Capital.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
PolySign provides institutional grade infrastructure for investors through its subsidiary Standard Custody & Trust Company, as well as fund administration via MG Stover, a firm that PolySign recently acquired.
According to PolySign CEO Jack McDonald, the company plans to use the funding to fuel its “net hiring mode” by increasing its headcount from the current 165 full-time employees by 20% to 30%, and recruiting talent from the world of traditional finance.
“We're looking for people ideally that have experience in crypto or digital assets. We're also looking for people who understand and have serviced institutional clientele,” McDonald told CoinDesk. “It's either finding people that have an expressed interest in the space or experience, or at least are curious and want to come on board.”
PolySign has been actively growing its custody and funding administration products over the past year. In May 2021, Cowen agreed to provide its crypto custody services to the firm as part of PolySign’s $53 million Series B funding round led by Cowen. And in April of this year, PolySign acquired MG Stover.
According to McDonald, PolySign currently works with over 200 clients representing over 400 different funds and products, and manages about $35 billion in assets.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
While stablecoins settled around $35 trillion last year, only around 1% of that represented genuine payments like remittances and payroll, a new report found.
What to know:
- Stablecoins processed more than $35 trillion in transactions last year, but only about 1% of that reflected real-world payments, a report by McKinsey and Artemis Analytics found.
- The study estimated that roughly $390 billion in genuine stablecoin payments, such as vendor payments, payrolls, remittances and capital markets settlements.
- Despite rapid growth and increasing interest from traditional payment firms like Visa and Stripe, true stablecoin payments still account for just a tiny fraction of the more than $2 quadrillion global payments market, the report said.
Top Stories
