Paxos Raises $300M to Expand Digital Finance Infrastructure
New York-based Paxos plans to use the funds to continue investing in its infrastructure, hire more people and add liquidity across the platform to “enhance the customer experience and increase utilization of its tokens.
Charles Cascarilla, Co-Founder and CEO of Paxos; Source: Paxos
key takeaways
- The six-year-old company operates a crypto brokerage, exchange, settlement solutions and stablecoin
- Oak HC/FT, a venture capital firm focused on fintech and healthcare companies, led the funding round
The blockchain infrastructure company Paxos has raised $300 million in Series D funding at a $2.4 billion valuation.
New York-based Paxos plans to use the funds to continue investing in infrastructure and hiring, and add liquidity across the platform to enhance customer experience and increase token utilization.
It also plans to establish the Paxos National Trust Bank, after receiving conditional approval last week from the US Office of the Comptroller of the Currency. The company also intends to support its clearing agency registration application with the Securities and Exchange Commission and pursue the Major Payment Institution license in Singapore.
“Demand for our enterprise solutions has accelerated much faster than we could have anticipated,” Charles Cascarilla, Co-Founder and CEO of Paxos, said in a press release Thursday. “It validates our approach to providing the most innovative and regulated enterprise solutions to re-platform the financial system and create the digital economy of the future.”
The six-year-old company operates a crypto brokerage, exchange, settlement solutions and stablecoin. It’s best known today as the trust company that handles the trading and custody for PayPal’s cryptocurrency business.
Oak HC/FT, a venture capital firm focused on fintech and healthcare companies, led the funding round. Existing investors PayPal Ventures, Declaration Partners, Mithril Capital, Senator Investment Group, Liberty City Ventures and WestCap also participated.
Paxos has raised more than $500 million to date.
