Bank of America, the US’s second-largest financial institution by assets, and Coinbase, a leading cryptocurrency exchange have recently participated in Paxos’s series D round of funding. Paxos is a leading provider of blockchain infrastructure who recently raised $300M in its latest funding round.
Apart from Coinbase and Bank of America, some of the other investors included Founders Fund, FTX, PayPal Ventures, Mithril Capital, and more, according to the press release by Paxos. The New-York based company raised $300 million in the round, adding to a combined $540 million raised in funding rounds. The company is now valued at $2.4 billion making it one of the fastest-growing fintech startups.
Charles Cascarilla, CEO and Co-Founder of Paxos, commented:
“We’re at the beginning of a technological transformation where new market infrastructure is needed to replatform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible and digital economy. We’re defining this space and are excited to grow our enterprise solutions beside these market leaders.”
The same press release also revealed that Bank of America has joined Paxos Settlement Service, a platform that uses blockchain infrastructure solutions to achieve same-day settlement of stock trades.
PayPal, a major remittance and settlement company, also employs Paxos’ infrastructure for crypto asset transaction services. Credit Suisse, fintech Revolut and Societe Generale are also some of the clients of Paxos.
Apart from developing blockchain-based financial market infrastructure, Paxos also issues its stablecoin ‘PAX Standard’ which is backed by US Dollars and Gold.
Napoleon Ta, Partner at Founders Fund, added:
“In a dynamic space, Paxos has distinguished itself as a leader in transparency and trustworthiness by building innovative enterprise products. We believe Paxos will unlock significant value by facilitating the mainstream adoption of crypto and blockchain technology.”