The issuer of the stable currency is carrying out ambitious plans in the growing crypto space.
US-based stable currency operator Paxos has raised $142 million in fresh funds from investors such as PayPal and Mithril Capital. The issuer of the stable currency announced the news on Thursday.
US investment firm Declaration Partners, backed by billionaire David M. Rubenstein, led the funding round with other participants including RIT Capital Partners plc, Ken Moelis, Alua Capital and Senator Investment Group. Previous Paxos sponsors such as RFE Ventures and Liberty City Ventures also invested in the funding round.
Paxos seeks authorisation to become a fully regulated crypto-currency bank
With the closing of the $142 million Series C round, Paxos has raised more than $240 million from investors and sponsors. Commenting on the development, Paxos CEO Charles Cascarilla said the funds will help the company achieve its ongoing plans in the crypto space, and added
He added: „Our Series C financing will help us continue to build the financial market infrastructure of the future and accelerate our growth. We want to double the size of our team, expand our current product solutions and create new products that companies need. We will do all of this while remaining 100% committed to regulation, reliability and safety.
PayPal will offer payments in crypto currencies from 2021
As reported by Cointelegraph earlier, Paxos is working to secure trust bank status. In a conversation with Cointelegraph, a company spokesman revealed that its plan to become a federally chartered bank is part of efforts designed to build infrastructure for the world’s largest companies and financial institutions.
The news of the bank letter application followed Paxos‘ partnership with US payments giant PayPal. Paxos is offering an escrow and crypto currency trading service as part of PayPal’s plans to allow users to use crypto currency as a funding medium for online payments from 2021.
BUSD – Binance and PAXG – Paxos, the latest Stablecoins to obtain consent from US regulators
Prior to the integration of PayPal, Paxos was known for its stable currency PAX and the related whitelabel solution, which drives currencies such as Binance USD.