Paxos, the company behind the blockchain infrastructure platform of the same name, has announced the completion of a Series D funding round
Paxos confirmed yesterday that it has closed a $ 300 million Series D financing round led by venture and growth equity investment firm Oak HC / FT. Other big names participated in the financing round, including PayPal Ventures, Declaration Partners, the Senator Investment Group of Liberty City Ventures and Mithril Capital. Paxo has raised over $ 440 million in the past six months.
“We’re excited to announce that our D Series has raised $ 300 million, valued at $ 2.4 billion, making us one of the fastest growing FinTech startups in the world . “ shared the company on Twitter.
The blockchain company previously worked with several corporate clients to offer crypto products by helping them develop the necessary infrastructure and services. One of the outstanding partnerships is with PayPal and its subsidiary Venmo. Paxos technology has helped the two companies develop services that their customers can use to trade crypto on the platforms.
Other clients the company has worked with include Société Générale and Revolut. In addition to building the infrastructure, the startup company also offers other services. These include Crypto Exchange itBit, a share settlement service taken over by Credit Suisse Gold, as well as two stable coins PAX Gold and Paxos Standard, which are backed by gold and the US dollar, respectively.
The company is currently valued at approximately $ 2.4 billion and intends to use the funds to facilitate its infrastructure projects for businesses. There are also plans to use the funds to grow the business by improving the platform. Chances are the New York-based company is also considering acquisitions.
Charles Cascarilla, CEO of Paxos, announced that the company plans to bring three to five PayPal-sized customers on board. Speaking to The Block, Carscarilla stated that the company needed to secure funding because of the multitude of opportunities along the way and its excellent performance over the past few months.
“The demand for our enterprise solutions has accelerated much faster than we expected.”
Last week, Paxos received conditional approval from the Office of the Currency Auditor to form a national trust bank. The company is also expected to look beyond the US market. The company reportedly has obtained a license to set up a business in Singapore and a green light from the Securities and Exchange Commission on clearing house registration.