Paxos raises $142 million in funding, supported by PayPal

Paxos Funding Success

US regulated cryptocurrency exchange Paxos have reported their Series-C funding round totalled $142 million, taking their funding total to $240 million.

Supported by a major investment from Declaration Partners, the company also witnessed new funding from Mithril Capital and PayPal Ventures, as well as RIT Capital Partners, Ken Moelis, Alua Capital, Senator Investment Group and more.

Company’s History

 Paxos was formed in 2012 and quickly became the first institutional, regulated cryptocurrency exchange on the market. Over the past few years, they have invested in building an accessible and user-friendly cryptocurrency and blockchain infrastructure which enables financial entities to offer digital assets to their global customer base.

During 2020, they emerged into the cryptocurrency market after partnerships announcements with payments giant PayPal and crypto bank Revolut using their platform itBit. Other notable partners forged throughout this year include banking firm Credit Suisse and Societe Generale.

Paxos also have a dollar-pegged stablecoin called Paxos Standard (PAX) which has a market capitalisation of over $243 million and is ranked #65 on CoinMarketCap.

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Paxos’ ambition is to become the leader in the digital asset industry, contributing to the future of the world’s financial ecosystem. Going into 2021, their partnership with PayPal will reach to full cryptocurrency trading on the platform, opening up to the payment company’s 325 million user base.

Ex-Google employee and current COO Andrew Pang of Paxos has established key visionary principles to focus on for the future growth of the company: Tokenized assets under custody, the team and the company’s trustworthiness in the space.

CEO Charles Cascarilla recognises the value that this funding will have on the company’s goals:

“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.”