2021-4-30 15:29 |
CryptoNinjas » Blockchain and crypto services firm Paxos raises $300M in Series D funding
Paxos, a blockchain and crypto-asset infrastructure platform, today announced it has closed a $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.
The funds will be used to help Paxos 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 be added across the platform to enhance the customer experience and increase utilization of its tokens. To advance the development of its 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.
Already in 2021, Paxos has achieved the following milestones:
Supported the launch of crypto buying and selling services on Venmo through its partnership with PayPal. Received conditional approval for the first de novo Trust Bank charter for digital assets from the Office of the Comptroller of the Currency. Completed same-day settlement of traded stocks for Instinet and Credit Suisse via the Paxos Settlement Service. Grew total stablecoin assets across three of the leading US dollar-backed stablecoins to nearly $10 billion. Tokenized more than 100,000 oz of the highest quality investment-grade gold with PAX Gold.CryptoNinjas » Blockchain and crypto services firm Paxos raises $300M in Series D funding
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