Digital Assets: Paxos Raises $142 Million in Series C Funding

December 17, 2020 | Digital Assets, News, Venture Capital
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Declaration Partners, the investment firm backed by the family office of David M. Rubenstein, led the round.

Paxos, the blockchain infrastructure and financial technology firm that partners Revolut and PayPal (NASDAQ: PYPL) for cryptocurrencies, has raised $142 million in a Series C round.

Declaration Partners, an investment adviser to the family office of $230 billion private equity giant Carlyle Group’s co-founder David Rubenstein, led Paxos’ round. Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, and others also participated.

The funding brought up the startup’s aggregate capital raised to over $240 million. (PAXOS)

Use of funds

“Our Series C funding will help us continue building financial market infrastructure of the future and accelerate our growth,” the company said in a blog. “We want to double the size of our team, expand our current product solutions, and build new products that enterprises need.”

It also wants to invest in regulatory infrastructure.

On December 8, the firm filed an application for a national Trust Bank charter with the Office of the Comptroller of the Currency (OCC).

This year the startup launched Paxos Crypto Brokerage, a platform solution that powers crypto services for PayPal and Revolut US.

Global brands onboard Paxos

Charles Cascarilla, CEO and Co-Founder, commented, “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 (NYSE: CS), Societe Generale (EPA: GLE), and Revolut. The company 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.”

Brian Stern, Partner, Declaration Partners, said, “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.”

Related Story:   Revolut is Crypto Brokerage Paxos’ First US Client

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