Paxos, the first managed blockchain infrastructure platform, announced today that it has closed a $ 142 million Series C funding round. Declaration Partners, the investment firm backed by David M. Rubenstein’s family office, led the round, which includes investments from Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, and more. Previous Paxos investors also participated in the round, including RRE Ventures and Liberty City Ventures. To date, Paxos has raised more than $ 240 million in funding.
“During the past year, enterprises have adopted crypto and blockchain based solutions globally. 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 assets needs of global brands and bring our solutions to enterprises that have trillions in assets and billions of end users. We are grateful for the support of our new investment partners who are helping to bring us closer to our vision for a more open, accessible economy. “
– Charles Cascarilla, CEO and Co-Founder of Paxos
Paxos will continue to invest 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 capabilities to meet the requirements of its expanding customer base. The company plans to double the size of its team and will explore all opportunities for growth.
“Paxos is pursuing its ambitious, long-term mission at an astonishing pace. Through its relentless innovative thinking, Paxos has developed products and services that enable reliable 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. “
– Brian Stern, Partner, Release Partners
Since the creation of blockchain technology, Paxos has been an industry pioneer in increasing trust and transparency. In 2020, it prompted more digital assets to be received from institutional audiences with recent achievements including:
- Launch of Paxos Crypto Brokerage, a platform solution that powers crypto services for PayPal and Revolut US;
- Issued more than $ 7.5 billion in stablecoins across three of the leading US dollar-backed stablecoins;
- Becoming the first company to settle US equity trades on blockchain outside the legacy system (under No-Action release from US Securities and Exchange Commission staff); a
- Confirmation of more than $ 3.5 trillion in merchandise trades with its Post-Trade automation service.