Crypto Firm Paxos Raises US$ 300 Million in Series D Funding At US$ 2.4 Billion Valuationby Fintechnews Switzerland April 30, 2021
Paxos, a New York-based regulated blockchain infrastructure platform, announced it has closed a US$ 300 million Series D round of funding.
Oak HC/FT led the round, with participation from previous investors Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap and more.
To date, Paxos has raised more than $500 million in funding and with a valuation of $2.4 billion.
Paxos will continue investing in the development of enterprise-grade infrastructure while deepening its commitment to regulation, reliability and security.
The company will accelerate growth by hiring new team members across all functions, scaling its operations, increasing platform capacity and investing in innovation.
Additional liquidity will also be added across the platform to enhance the customer experience and increase utilisation of its tokens.
To continue the development of its robust, regulated platform, Paxos also plans to establish the Paxos National Trust Bank, support its application for a Clearing Agency registration with the Securities and Exchange Commission and pursue its Major Payment Institution license in Singapore.
In 2021, Paxos supported the launch of crypto buying and selling services on Venmo through its partnership with PayPal and tokenised more than 100,000 oz of the highest quality investment-grade gold with PAX Gold.
Charles Cascarilla, CEO and Co-Founder of Paxos, commented,
“Demand for our enterprise solutions has accelerated much faster than we could have anticipated.
It validates our approach to providing the most innovative and regulated enterprise solutions to replatform the financial system and create the digital economy of the future.”