Friday, June 21, 2024

Accenture invests in Web3 infrastructure company Parfin

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Accenture has invested an undisclosed amount in Parfin, a Brazilian company that provides Web3 infrastructure services to financial institutions across Latin America.

Founded in 2019, with headquarters Rio de Janeiro, Parfin offers digital asset custody, trading, tokenization and management tools to some of Latin America’s largest financial institutions.

With the funding from the global consulting and technology giant, Parfin will be able to accelerate its growth ambition, invest in product development, and tap into Accenture’s vast client network within the financial services industry.

“Accenture’s global presence, coupled with its industry expertise in technology and financial services, makes them an ideal strategic investor to help us advance our development,” said Marcos Viriato, co-founder and CEO of Parfin.

“With Accenture’s support, and the introductions they can make on our behalf, we are even better positioned to help our existing clients in Brazil and expand our solution offerings to new clients in other parts of Latin America and around the world.”

For Accenture, the investment deepens its capabilities in one of the fastest growing segments in the business landscape: digital assets. Already a frontrunner in the space, Accenture is investing heavily in metaverse and Web3 capabilities.

In March last year, Accenture formed the Metaverse Continuum business group, and the firm has reserved a significant war chest for buying or investing in “companies that create or apply disruptive technologies” in the Web3 landscape, said Leonardo Framil, Growth Markets CEO at Accenture.

“The digital asset economy is extremely relevant to Accenture and our clients,” he said. “Web3 requires new infrastructure that financial institutions, particularly those in emerging growth markets, don’t have, and we believe Parfin is a perfect fit with our strategy to advance the adoption of digital currency around the world.”

At the heart of Parfin’s Web3 infrastructure model is Parchain, a permissioned blockchain technology that is designed to enable regulated entities to participate in decentralized finance and asset tokenization.

“Powered by Parfin’s digital assets and blockchain infrastructure, Accenture is accelerating and enabling Brazil’s largest financial services institutions to leverage digital asset transactions with a compliant, secure technology platform,” said Mauricio Barbosa, Leader of Accenture’s Financial Services industry vertical in Brazil.

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