Bank of America, Coinbase Ventures, Founders Fund & FTX join Paxos Series D funding

By Pavithra R

Paxos, a regulated financial institution building infrastructure to enable movement between physical and digital assets, has announced the addition of strategic investors including Bank of America, Coinbase Ventures, Founders Fund and FTX to its Series D round of funding. 

This follows the initial announcement of $300 mn in Series D funding on April 29, 2021, led by Oak HC/FT with participation from previous investors Declaration Partners, PayPal Ventures, Mithril Capital and more. To date, the firm has raised more than $540 mn in funding. With a valuation of $2.4 bn, the company is one of the fastest-growing fintech startups in the world.

“We’re at the beginning of a technological transformation where new market infrastructure is needed to replatform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible and digital economy. We’re defining this space and are excited to grow our enterprise solutions beside these market leaders,” said  Charles Cascarilla, CEO and Co-Founder of Paxos.

The Paxos platform enables the mainstream adoption of digital assets by global fintechs and FIs. Earlier this year, Bank of America joined the Paxos Settlement Service, a private, permissioned blockchain infrastructure solution designed to bring greater transparency and efficiency to the US equities settlement system.

“In a dynamic space, Paxos has distinguished itself as a leader in transparency and trustworthiness by building innovative enterprise products. We believe Paxos will unlock significant value by facilitating the mainstream adoption of crypto and blockchain technology,” said Napoleon Ta, Partner at Founders Fund.

Founded in 2012, Paxos is on a mission to modernize finance by mobilizing assets at the speed of the internet. The company aims in making it possible to move any assets anywhere, instantly and thereby democratize access to a new, global, frictionless economy. It builds enterprise blockchain solutions for institutions like PayPal, Bank of America, Credit Suisse, Societe Generale and Revolut.