Paxos Raises $300 Million to Build a Cryptocurrency Infrastructure Giant

Paxos Raises $300 Million to Build a Cryptocurrency Infrastructure Giant

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27/05/2021 by Koinal
281
Paxos, one of the fastest-growing fintech startups globally and providing crypto money services, announced that it had raised $ 300 million in funds
Paxos Raises $300 Million to Build a Cryptocurrency Infrastructure Giant

After the huge investment, the total value of the company increased to 2.4 billion dollars.

Paxos, founded in 2012 and providing many services that enable traditional players of the financial world to enter the crypto money markets, collected $ 300 million in a Series D investment funding tour led by Oak, known for its health and technology investments. PayPal, one of the company’s previous investors, also participated in the funding round.

The company, which also received $ 142 million in a Series C funding round in December, received conditional approval from the US Office of the Comptroller of the Currency (OCC) last week Paxos National Trust Bank. With this approval, the company gained the right to become the third state-regulated cryptocurrency bank after Anchorage and Protego.

Charles Cascarilla, The CEO and co-founder of Paxos, stated that they did not take this investment to be the largest in the local market. This investment is significant for them to scale their business and take advantage of new acquisition opportunities. He mentioned that their customers are now confident that they will be around for another 5-10 years and their customers will be able to use their infrastructure safely in this way.

Cascarilla also stated that they do not expect to surpass the $ 1 billion market value so quickly but that the crypto universe is overgrowing. They do not currently consider having an IPO like Coinbase.

The company, which is also the issuer of the PAX fixed coin, also supports the cryptocurrency buying and selling services of Venmo, the payment application, through its partnership with PayPal.

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