back Back

Paxos secures $300 mn in Series D funding at $2.4 bn valuation

By Pavithra R

April 30, 2021

  • New York
  • Paxos Trust Company
Share

Paxos secures $300 mn in Series D funding at $2.4 bn valuationPaxos, a regulated financial institution building infrastructure to enable movement between physical and digital assets, has announced securing $300 mn Series D round of funding.

The investment round was led by Oak HC/FT, with participation from previous investors Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap and more. To date, the firm has raised more than $500 mn in funding and with a valuation of $2.4 bn.

“Demand for our enterprise solutions has accelerated much faster than we could have anticipated. It validates our approach to providing the most innovative and regulated enterprise solutions to replatform the financial system and create the digital economy of the future,” said Charles Cascarilla, CEO and Co-Founder of Paxos.

Paxos is planning to use the finance to l continue investing in the development of enterprise-grade infrastructure while deepening its commitment to regulation, reliability and security. The firm will accelerate growth by hiring new team members across all functions, scaling its operations, increasing platform capacity and investing in innovation. The firm also plans to add additional liquidity across its platform to enhance the customer experience and increase utilization of its tokens.

To continue the development of its robust, 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 has achieved the following milestones:

  • Supported the launch of crypto buying and selling services on Venmo through its partnership with PayPal;
  • Received conditional approval for the first de novo Trust Bank charter for digital assets from the OCC;
  • Completed same-day settlement of traded stocks for Instinet and Credit Suisse via the Paxos Settlement Service;
  • Grew total stablecoin assets across three of the leading US dollar-backed stablecoins to nearly $10 bn; and
  • Tokenized more than 100,000 oz of the highest quality investment-grade gold with PAX Gold.

“Since securing the first Trust charter for digital assets in 2015, Paxos has distinguished itself as an innovator in fintech by embracing regulation. Its solutions are designed to ensure trust with enterprise clients while enabling exciting new business opportunities. Few companies are approaching digital assets with such a clear vision as to how blockchain technology can revolutionize the transfer and creation of value. We’re excited to support Paxos at this pivotal time in the evolution of the global financial system,” said Patricia Kemp, Co-Founder and Managing Partner at Oak HC/FT.

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.

Previous Article

April 30, 2021

Virgin Money Australia & Ascenda unviel digital banking loyalty programme

Read More
Next Article

April 30, 2021

Singapore and Thailand launch first ever linkage of payment systems

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

New York

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

Read More

May 17, 2024

FinTech Focus: Catch latest developments of the week

Read More

May 17, 2024

Mastercard, Standard Chartered, Mox & Libeara to support tokenised assets

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023