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Crypto firm Paxos raises $142 mn in Series C funding

By Pavithra R

December 17, 2020

  • Paxos
  • USA

Charles Cascarilla, CEO and Co-Founder of Paxos

Paxos, a regulated financial institution building infrastructure to enable movement between physical and digital assets, has announced a $142 mn Series C round of funding led by Declaration Partners, the investment firm backed by the family office of David M. Rubenstein. The new finance brought the company’s total funding to date to $240 mn.

The investment round also saw participation from PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, Mithril Capital, and more. Previous Paxos investors including RRE Ventures and Liberty City Ventures also participated in the round. 

“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,” said Charles Cascarilla, CEO and Co-Founder of Paxos.

Paxos is planning to use the finance to continue investing in developing enterprise grade infrastructure solutions while deepening its commitment to regulation, reliability and security. The firm will accelerate its growth, including scaling its operations and platform capabilities to meet the demands of its expanding customer base. Paxos also has plans to double the size of its team and will explore all opportunities for growth.

In 2020, Paxos drove various achievements, including:

  • Paxos Crypto Brokerage launch, a platform solution that powers crypto services for PayPal and Revolut US;
  • The issuance of more than $7.5 bn in stablecoins across 3 leading US dollar-backed stablecoins;
  • Settled US equity trades on a blockchain outside of the legacy system (under No-Action relief from the US Securities and Exchange Commission staff); and
  • Confirmation of more than $3.5T in commodities trades with its Post-Trade automation service.

“Paxos is executing on its ambitious, long-term mission at a remarkable pace. Through its relentless forward-thinking, Paxos has developed products and services that enable trusted access to digital assets, as well as dramatic efficiency and risk reduction to our traditional financial industry infrastructure. We are thrilled to support its continued growth and development of these innovative and inclusive solutions,” said Brian Stern, Partner, Declaration Partners.

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.

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