Blockchain startup Parfin has secured $10 million in its Series A round, aiming to drive global expansion and bridge traditional finance with blockchain.

Mastercard-incubated Blockchain infrastructure firm Parfin has successfully closed the first tranche of its Series A funding, raising $10 million.

In a press release shared with Coin Insider Daily, the startup revealed that the round, led by ParaFi Capital, also saw contributions from Framework Ventures, L4 Venture Builder, and Núclea, with total funding projected to reach $16 million by the end of the second closing.

The proceeds from the funding are expected to help Parfin further develop its enterprise-grade blockchain platform, Rayls, increase its workforce, and accelerate its global expansion efforts throughout 2024. Parfin co-founder Marcos Viriato highlighted the strategic impact of the funding, noting that it will allow the firm 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.”

Synchronizing defi with tradfi in Latin America

Founded in 2019 by Marcos Viriato, Alex Buelau, and Cristian Bohn, Parfin aims to bridge the gap between decentralized finance and traditional finance, offering financial institutions the regulatory compliance and privacy they need while capitalizing on blockchain technology.

In May, Parfin was selected for Mastercard’s Start Path program, which supports blockchain and digital asset startups with tailored training, collaboration opportunities, and access to Mastercard’s network and customers. To date, the company has raised a total of $38 million and serves clients including Banco BV, Núclea, and B3 Digitas, the digital asset services subsidiary of the Brazilian Stock Exchange.

Additionally, Parfin’s Rayls platform is now part of a pilot program with Brazil’s central bank, testing Ethereum‘s virtual machine privacy and scalability solutions for central bank digital currency initiatives.