Paxos raises $142 Mn in series C funding led by Declaration Partners

Paxos raises $142 Mn in series C funding led by Declaration Partners

Renowned blockchain infrastructure platform Paxos has recently announced the closure of a $142 million Series C round of funding. Reportedly, the funding round was led by Declaration Partners, the investment firm backed by the family office of David M. Rubenstein, along with RIT Capital Partners plc, Mithril Capital, PayPal Ventures, Alua Capital, Ken Moelis, Senator Investment Group. As per credible sources, Paxos has raised more than $240 million in funding to date.

Speaking on the initiative, Co-Founder and CEO of Paxos, Charles Cascarilla stated that the company is building a future where all assets, from money to commodities through securities, will be digitized and will instantaneously move 24/7. Further, settlement risks will be eliminated, so trillions of dollars of trapped fund can move in a global, seamless economy.

Cascarilla further stated that worldwide adoption of blockchain-based and crypto solutions by enterprises has increased significantly. The company’s client base mainly consists of leading payments, trading, banking and fintech companies such as Credit Suisse, PayPal, Revolut and Societe Generale.

Paxos is uniquely positioned for addressing the needs of global brands pertaining to digital assets and providing solutions to enterprises having assets in trillions and end users in billions. The company is grateful for the support extended by new investment partners which will allow it to move closer to its vision of a more open and accessible economy, Cascarilla added.

Meanwhile, Brian Stern, Partner, Declaration Partners has stated that Paxos is executing its ambitious, long-term mission at a striking pace. Through its incessant progressive thinking, Paxos has developed products and services that allows trusted access to digital assets, as well as higher efficiency and reduced risk to the traditional financial industry infrastructure. Stern also added that Declaration Partners is thrilled to support Paxos’ continued growth and development of these innovative and inclusive solutions.

Further, Paxos has stated that it intends to utilize the investment round’s funding to expedite the growth, such as enhancing the operations and platform capacity to meet the demands of its increasing customer base. Also, the company plans to double the size of its team and explore all the growth opportunities.

Source credits: https://www.crowdfundinsider.com/2020/12/170376-blockchain-infrastructure-platform-paxos-secures-142-million-through-series-c-funding-round-led-by-declaration-partners/