Venture Capital: Paxos Receives $2.4B Valuation With $300M Series D Funding
Blockchain company Paxos is PayPal’s crypto partner.
Paxos, which operates a regulated blockchain infrastructure platform, announced Thursday its close of a $300 million Series D round of funding led by Oak HC/FT. Returning investors Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap, and others also participated. (CISION PR Newswire)
Paxos pushes for blockchain and crypto adoption
Earlier this month, Paxos announced that Credit Suisse (SWX: CSGN) and Instinet settled U.S.-listed equity trades, entered at 11 AM ET and 3 PM ET, on the same day at [4:30] PM ET via a same-day settlement cycle (“T+0”) conducted on the Paxos Settlement Service blockchain.
The settlement was a historic first because legacy systems can only settle the same day if the trades are conducted before 11 AM ET.
In another, more recent development, it became the first crypto-native company to receive preliminary conditional approval for a de novo national Trust Bank charter from the Office of the Comptroller of the Currency. The fintech will now move to set up its National Trust Bank.
Paxos, in partnership with PayPal (NASDAQ: PYPL), also extended crypto services to Venmo.
Coming on top of these developments, the latest funding and its valuation places the company among the fastest-growing fintech startups in the world.
Charles Cascarilla, CEO and Co-Founder, 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 re-platform the financial system and create the digital economy of the future.”
Use of funds
Paxos intends to further develop its enterprise-grade blockchain infrastructure, hire more personnel, scale up capacity, and add liquidity to its platform.
Related Story: Paxos Raises $142 Million in Series C Funding
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