Paxos Raises $300 Million Funding Round LED by Oak

Paxos Raises $300 Million Funding Round LED by Oak
  • Paxos has raised a $300 Million Series D Funding round with a $2.4 billion valuation led by Oak.
  • Investors incorporate PayPal Ventures, Declaration Partners, Mithril capital, and many other reputed firms.
  • Paxos supported launching cryptocurrency trading on Venmo last week.

PayPal crypto partner Paxos has raised a $300 million Series D funding round with a valuation of $2.4 billion led by Oak.

In addition, Paxos has partnered with PayPal for its cryptocurrency peculiarities. Since October 2020, PayPal users were able to sell, buy and hold crypto assets like BTC, ETH, BCH, and LTC. 

Investors for this funding round were PayPal Ventures, Declaration Partners, Mithril Capital, Senator Investment Group, WestCap, and Liberty City Ventures.

Charles Cascarilla, CEO and Co-Founder of Paxos stated,

“Demand for our enterprise solutions has accelerated much faster…providing the most innovative and regulated enterprise solutions to re-platform the financial system and creates the digital economy of the future.”

Additionally, Paxos plans to launch the Paxos Nation Trust Bank and to apply for Clearing Agent registration with the SEC in the US. 

Consequently, the company is also applying for a Major Payment License in Singapore thinking that it may bring up partnership with more enterprising clients.

Paxos Also Assisted Venmo in Launching Crypto Trading

Paxos has supported in launching crypto buying and selling services on Venmo via which has partnered with PayPal last week. 

Besides, this relationship extends to include Venmo payment app users. Other big enterprise clients are Revolut, Credit Suisse, Stone X and Societe Generale.

Furthermore, Panxos has its own crypto exchange which is itBit. According to Coinmarketcap, itBit features only for trading pairs but not very helpful for consumer-facing exchange, although it powers Paxos other products. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.