Paxos Hits New Heights with $300 Million in Series D Funding

Paxos, a heavyweight in the cryptocurrency world and the trusted confidant of PayPal in crypto dealings, is making headlines with a staggering $300 million raised in its Series D funding round. This influx of cash has boosted Paxos’ valuation to a whopping $2.4 billion. With familiar faces like PayPal Ventures and Declaration Partners joining the party, this funding round is no small beer.

What’s Next for Paxos?

According to Paxos’ co-founder and CEO Charles Cascarilla, the demand for their enterprise solutions has soared—faster than a cat video going viral. The new capital will be directed towards building enterprise-grade infrastructure, focusing on regulatory compliance, and expanding operations, ensuring that Paxos stays ahead in the ever-evolving crypto space.

Paxos National Trust Bank – The Future is Bright

In a move that’s making the financial world take notice, Paxos has received preliminary approval from the U.S. Office of the Comptroller of the Currency to establish the Paxos National Trust Bank. Consider this the cherry on top of their fundraising sundae, as they also eye a Major Payment Institution license in Singapore. It’s all part of a plan to solidify their role in the crypto ecosystem.

Paxos and PayPal: A Perfect Match

Last year, PayPal struck a deal with Paxos allowing its users to buy, sell, and hold a variety of cryptocurrencies including Bitcoin and Ethereum. This partnership culminated in Venmo, owned by PayPal, launching its own cryptocurrency trading, further solidifying Paxos as the go-to guy in the crypto clubhouse.

From Stablecoins to Major Players

Founded in 2012, Paxos has played a pivotal role in the tokenization, custody, trading, and settlement of digital assets. Their stablecoins, such as the U.S. dollar-pegged Paxos Standard and the gold-backed PAX Gold, are testimony to their innovative spirit. With fresh funding and clear ambitions, Paxos is set to redefine the boundaries of cryptocurrency services.