Stablecoin operator Paxos closes series C funding round of $142 million

Stablecoin operator Paxos closes series C funding round of $142 million

December 17, 2020

Quick take

1 minute read

  • Paxos, the United States-based operator has just recently raised more than $140 million in new funding round from investors. 
  • This includes companies such as PayPal space capital. 

Paxos, the United States-based operator has just recently raised more than $140 million in new funding round from investors. This includes companies such as PayPal and Mithril capital. The news was announced earlier this week on 17th of December. 

Declaration partners, an investment firm based in the United States spearheaded the funding round with numerous other participants including Alua Capital and Senator Investment Group.

At the end of the series C round of $142 million, Paxos has now been able to raise more than $250 million from supporters and investors.

The chief executive officer of Paxos, Charles Cascarilla has said that these funds will significantly help the business when it comes to achieving its future plans in the crypto industry. 

Charles further said:

“Our Series C funding will help us continue building financial market infrastructure of the future and accelerate our growth. We want to double the size of our team, expand our current product solutions and build new products that enterprises need. We’ll do this all while remaining 100% committed to regulation, reliability and security.”

In related news, Paxos is currently working towards securing a trust bank charter. a spokesperson for the company has said that it is planning to become a chartered bank on a federal level as it attempts to build infrastructure for the biggest enterprises and financial banks in the world.

This comes after Paxos partnered with one of the biggest payments networks in the world, PayPal. With PayPal getting further involved with the crypto industry, Paxos will be able to provide crypto trading and custody service to the platform.

For more news on this and other crypto updates, keep it with CryptoDaily!

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