Coinbase-backed Securitize secures $48M in Series B funding

Morgan Stanley has made its first capital funding foray into the blockchain area, co-leading a $48 million funding for Securitize.

In line with a launch issued on Monday, the Coinbase-backed asset tokenization outfit has accomplished a Sequence B funding spherical that drew participation from Morgan Stanley Tactical Worth-managed funding funds and Blockchain Capital.

Different contributors within the funding spherical included Sumitomo Mitsui Belief Financial institution (SMTB), Emin Gün Sirer’s Ava Labs, and enterprise capital fund IDC Ventures, amongst others.

The oversubscribed Sequence B spherical additionally noticed participation from earlier Securitize backers like Ripple and Borderless Capital.

Monday’s Sequence B funding announcement comes barely a month after efficiently closing a $12.75 million Sequence B funding spherical.

As with different Securitize capital raises, the Sequence B traders will obtain their shares as digital property issued by the agency. In line with the discharge, the asset tokenization platform already has over 300,000 verified traders.

In March, Securitize collaborated with SMTB to launch Japan’s first “A-1” rated safety token.

Associated: Japanese financial institution Sumitomo Mitsui launches the nation’s first ‘a-1’ rated safety token

As a part of its funding, Morgan Stanley Tactical Worth co-head Pedro Teixeira will be part of the Board of Administrators at Securitize.

Commenting on Morgan Stanley’s first blockchain funding, Teixeira was quoted within the announcement as saying that the funding financial institution was eager on property with long-term potential, including:

“Our funding in Securitize is an indication that we consider within the progress and adoption of digital asset securities.”

Securitize CEO Carlos Domingo additionally echoed Teixeira’s feedback stating that VC funding for the corporate demonstrates the rising reputation of digital asset securities amongst legacy finance stakeholders.

As beforehand reported by Cointelegraph, Morgan Stanley launched a Bitcoin (BTC) funding product for wealthy purchasers again in March. The $4 trillion wealth administration big in April expanded its BTC publicity for rich purchasers to 12 funding funds.