TL;DR Breakdown:
- Paxos has completed another fundraising round, bagging $142 million to expand its operation and workforce.
- The latest fundraise rates Paxos among the top-funded blockchain companies.
The New York-regulated blockchain company that facilitates access to crypto-assets, Paxos, now ranks among the top-funded blockchain institutions. This follows the successful completion of its latest fundraising round – Series C – which bagged about $142 million for the company, according to the publication on Thursday. Paxos intends to scale its services and increase its workforce using fresh capital.
Paxos gains over $200M as a blockchain company
The latest fundraising round was graced with the participation of prominent companies like Mithril Capital, Senator Investment Group, RIT Capital Partners plc, including PayPal Ventures, and others. However, the Paxos Series C funding round was led by the David M. Rubenstein-backed ventures company, Declaration Partners. In total, the blockchain company raised $240 million at least, via funding.
As the blockchain company noted in the publication, the freshly-raised capital will be directed towards the scaling of its services. They will also increase the workforce and the capacity of their blockchain platform in order to contain the demands from its fast-growing customer base. “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 Paxos’s founder, Charles Cascarilla.
Paxos pushes adoption of cryptos
Speaking of the growing customer base, the leading digital payment platform, PayPal, is probably the latest big-name company to join the blockchain company. As reported, PayPal chose Paxos for its recently-launched crypto services that have gained lots of traction since its launch. The crypto service was facilitated through Paxos Crypto Brokerage. Aside from this, Paxos is responsible for the issuance of over $7.5 billion worth of stablecoins.
Paxos was reportedly named the first institution that settled United States equity trade on blockchain technology, outside of the legacy system.
