Crypto Provider Paxos Raises $142m in Series C

Paxos
Photo by André François McKenzie on Unsplash

Paxos, the first regulated blockchain infrastructure platform, today announced it has closed a $142 million Series C round of funding. Declaration Partners, the investment firm backed by the family office of David M. Rubenstein.

Other investors include 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.

Paxos will continue investing in developing enterprise-grade infrastructure solutions while deepening its commitment to regulation, reliability and security. It will use this capital to accelerate growth, including scaling its operations and platform capacity to meet the demands of its expanding customer base.

The company plans to double the size of its team and will explore all opportunities for growth.

“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,” said Charles Cascarilla, the firm’s CEO and co-founder.

Paxos is a New York-regulated financial institution on a mission to create a global, frictionless and open economy. By building infrastructure to enable movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7.

Today, as the first regulated Trust company for digital assets, Paxos technology makes it possible to tokenize, custody, trade and settle assets. It offers crypto solutions for enterprises, crypto trading, and settlement solutions for securities and commodities.

Paxos clients include PayPal, Credit Suisse, Societe Generale, StoneX, Revolut and many more enterprises. With offices in New York, London and Singapore, Paxos takes a global view of modernizing the financial system.

Since the creation of blockchain technology, Paxos has been an industry pioneer at increasing trust and transparency. In 2020, it drove greater acceptance of digital assets by institutional audiences with recent achievements including:

  • The launch of Paxos Crypto Brokerage, a platform solution that powers crypto services for PayPal and Revolut US;

  • The issuance of 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 a blockchain outside of the legacy system (under No-Action relief from the US Securities and Exchange Commission staff); and

  • Confirmation of more than $3.5 trillion in commodities trades with its Post-Trade automation service.