08.02.2021

Paxos Adds Bank of America, Coinbase Ventures to Funding

Paxos, the first regulated blockchain infrastructure platform, announced it has added 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 million 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, Paxos has raised more than $540 million in funding. With a valuation of $2.4 billion, Paxos is one of the fastest growing fintech startups in the world.

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

The Paxos platform enables the mainstream adoption of digital assets by global fintechs and financial institutions. 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. Within the digital asset ecosystem, liquid markets established by leading crypto platforms will be critical to accessing tokenized fiat, commodities and securities as traditional financial assets are replatformed.

Napoleon Ta, Partner at Founders Fund, added, “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.”

Paxos is a trusted operator in blockchain-based financial market infrastructure. It has set a standard for transparency and oversight that is unmatched in this sector. Paxos will continue investing in the growth and development of enterprise-grade infrastructure solutions. It believes that by deepening its commitment to regulation, reliability and security it will create the most robust regulated platform for enterprises entering digital asset markets.

Source: Paxos

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