Paxos gets USD 300 mln to boost its financial market infrastructure platform

Thursday 29 April 2021 13:11 CET | News

Paxos, a regulated blockchain infrastructure platform, has closed a USD 300 million Series D round of funding to boost its financial market infrastructure platform’s growth.

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. To date, Paxos has raised more than USD 500 million in funding.

The blockchain company will continue investing in the development of enterprise-grade infrastructure. It aims to hire new team members across all functions, increase platform capacity, and invest in innovation, according to the official press release. Additional liquidity will also be added across the platform to support the customer experience and increase use of its tokens.

To continue 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.

In 2021, Paxos supported the launch of crypto buying and selling services on Venmo through its partnership with PayPal and received conditional approval for the first de novo Trust Bank charter for digital assets from the Office of the Comptroller of the Currency. Moreover, it has completed same-day settlement of traded stocks for Instinet and Credit Suisse via the Paxos Settlement Service.

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Keywords: Paxos, funding, blockchain, digital assets, online payments, stablecoin
Categories: DeFi & Crypto & Web3
Countries: United States
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DeFi & Crypto & Web3

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