U.S-based regulated blockchain platform Paxos raised $142 million in its Series C funding round completed yesterday.
The round was led by investment firm Declaration Partners, with other contributors such as Senator Investment Group, Alua Capital, Ken Moelis, RIT Capital Partners plc, PayPal Ventures, and Mithril Capital.
Other investors that participated in the funding round include Liberty City Ventures and RRE Ventures. The stablecoin operator has now raised $240 million in total when other funding rounds are added.
Funds will be used to accelerate growth
Before the Series C funding, Paxos said it intends to plunge the capital into growth acceleration, including increasing its platform capacity and scaling its operations.
Co-founder and Chief Executive Officer of Paxos Charles Cascarilla said the capital will help the company transcend and improve its operational capacity to provide improved services to users.
“Today, Paxos technology makes it possible to tokenize, custody, trade, and settle assets,” he stated.
Paxos provides crypto-based solutions to enterprises and offers settlement solutions for commodities and securities. It has a long list of clients, including Revolut, StoneX, Societe Generale, Credit Suisse, as well as PayPal.
The firm is based in New York but has operational offices in London and Singapore. Paxos says it plans to expand its operations in the growing crypto space.
“Our Series C funding will help us continue building financial market infrastructure of the future and accelerate our growth, Paxos executive officer added.
Cascarilla also reiterated that the company wants to build new products that enterprises need, as well as expand its current product solutions. To achieve these, Paxos has set its sight to double the current size of the team.
He said the company is determined to maintain security, reliability, and stay within regulation while pursuing its ambition.
Building infrastructure for enterprises
Paxos is also planning to secure a trust bank charter. In a recent announcement, the company said it becoming a Federally-chartered bank is one of its efforts to build infrastructure for the largest financial institutions and enterprises in the world.
The news of the banking charter application is coming shortly after Paxos collaborated with US payment giant PayPal to provide custody and crypto trading services. The agreement was struck after PayPal allowed users to fund online payments using funds in the cryptocurrency wallets.
The news was cheered by the cryptocurrency community, as it’s evidence that the mainstream is warming up to cryptocurrency.