PayPal Crypto Partner Paxos Bags R4,3 Billion At R29 Billion Valuation

Paxos
Bitcoin. Photo by Alesia Kozik from Pexels

Paxos, a blockchain infrastructure company, has raised $300 million (R4,3 billion) from previous investors Declaration PartnersPayPal VenturesMithril Capital, Senator Investment Group, Liberty City VenturesWestCap and more. To date, Paxos has raised more than $500 million (R7,2 billion) in funding and with a valuation of $2.4 billion (R29 billion).

Paxos is one of the fastest-growing fintech startups in the world and its technology powers crypto brokerage services of PayPal and PayPal-owned Venmo.

Venmo enables millions of users to buy, hold and sell bitcoin and a handful of other major cryptocurrencies.

“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.

The company will accelerate growth by hiring new team members across all functions, scaling its operations, increasing platform capacity and investing in innovation. Additional liquidity will also be added across the 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.

With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.

It is the first regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently.

Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is building a new system that allows assets to move instantaneously, anywhere in the world, at any time, in a trustworthy way.

 

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