Paxos Receives $300 Million in a Series-D Funding led by Oak HC/FT - TCR
PayPal one of the major investors in the funding.
•Paxos’s worth stands at $2.4 billion.
•Funds will be utilized for the clients who will offer crypto services to customers.
Paxos, a major regulated blockchain company, has recently raised a massive amount of $300 million in a recent series D funding held by Oak HC/FT.
$300 Million Towards Infrastructures and White Label Services
According to TechCrunch, after the funding, Paxos is now worth $2.4 billion. The funding was mainly aimed at compensating the costs of the infrastructures and white label services for clients. The clients are looking forward to offering customers cryptocurrency products. Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, and WestCap were prominent investors who took part in the funding series.
PayPal Joins Hands With Paxos for Crypto Services
PayPal, the financial service giant, has collaborated with Paxos to offer cryptocurrency services. Since October 2020, PayPal has been offering crypto like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Paxos has a very big range of products ranging from crypto trading, settlements, custody, and authority to issue tokens. Revolut, Crédit Suisse, Société Générale and StoneX are some of the major enterprise clients that Paxos is looking for.
Recently the company has received preliminary approval for its Paxos National Trust Bank, the SEC in the U.S. To receive the final approval, Paxos has to execute all its business plans in the next 18 months. The blockchain company has also launched its very own stablecoin called Paxos Stablecoin (PAX) and cryptocurrency exchange, itBit. The $300 million funds are aimed at enhancing the services offered by the company.
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