Paxos, the first regulated blockchain infrastructure platform, today announced it has closed a $142 million Series C round of funding. Declaration Partners, the investment firm backed by the family office of David M. Rubenstein, led the round, which includes investments from Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, and more. Previous Paxos investors also participated in the round, including RRE Ventures and Liberty City Ventures. To date, Paxos has raised more than $240 million in funding.
“In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated. We are proud to count among our clients global leaders in payments, banking, trading, and fintech, such as PayPal, Credit Suisse, Societe Generale, and Revolut. Paxos is uniquely positioned to address the digital asset needs of global brands and bring our solutions to enterprises with trillions in assets and billions of end-users. We are grateful for the support of our new investment partners which helps bring us closer to our vision for a more open, accessible economy.”
– Charles Cascarilla, CEO and Co-Founder of Paxos
Paxos will continue investing in developing enterprise-grade infrastructure solutions while deepening its commitment to regulation, reliability, and security. Paxos will use this capital to accelerate growth, including scaling its operations and platform capacity to meet the demands of its expanding customer base. The company plans to double the size of its team and will explore all opportunities for growth.
“Paxos is executing on its ambitious, long-term mission at a remarkable pace. Through its relentless forward-thinking, Paxos has developed products and services that enable trusted access to digital assets, as well as dramatic efficiency and risk reduction to our traditional financial industry infrastructure. We are thrilled to support its continued growth and development of these innovative and inclusive solutions.”
– Brian Stern, Partner, Declaration Partners
Since the creation of blockchain technology, Paxos has been an industry pioneer at increasing trust and transparency. In 2020, it drove greater acceptance of digital assets by institutional audiences with recent achievements including:
- The launch of Paxos Crypto Brokerage, a platform solution that powers crypto services for PayPal and Revolut US;
- The issuance of more than $7.5 billion in stablecoins across three of the leading US dollar-backed stablecoins;
- Becoming the first company to settle US equity trades on a blockchain outside of the legacy system (under No-Action relief from the US Securities and Exchange Commission staff); and
- Confirmation of more than $3.5 trillion in commodities trades with its Post-Trade automation service.
The post Blockchain infrastructure firm Paxos raises $142M in Series C Funding » CryptoNinjas appeared first on Crypto new media.