Cryptocurrency startup Paxos raises $142M in funding to grow the first regulated blockchain infrastructure platform
As bitcoin surges past $23,000 for the first time, cryptocurrency startups see renewed interest from investors who want to take advantage of the current momentum for fear of missing out (FOMO). Today, cryptocurrency startup Paxos announced that it has raised about $142 million in Series C from investors including Paypal Ventures, Declaration Partners, and Ken Moelis among others.
We first wrote about Paxos back in 2018 after the fintech startup closed $65 million in Series B funding to grow its blockchain-powered trust settlement platform. Then just about two months ago, PayPal partnered with Paxos to allow customers to store and shop using Bitcoin and other virtual coins through its online wallet.
The New York-based fintech startup provides blockchain-based services to financial institutions and operates a cryptocurrency exchange. To date, Paxos has raised more than $240 million in total funding. Paxos is the first Blockchain-powered Trust, building products to simplify settlement and eliminate risk. Paxos delivers blockchain solutions for financial institutions, including Bankchain, a settlement platform transforming post-trade across capital markets.
Founded in 2013 by Charles Cascarilla and Richmond Teo, Paxos’s flagship service is Bankchain(TM), a next-generation blockchain settlement platform that is transforming post-trade across capital markets. Bankchain delivers instantaneous settlement and greater automation, offering market participants reduced counterparty risk, lower capital requirements, and increased operational efficiencies.
“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, said
The company said it 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.
Below is a quick overview of Paxos from CEO Charles Cascarilla.