The company will use the capital to scale up its operations and platform capacity
Paxos has now raised $240m for its blockchain infrastructure platform. (Credit: Pete Linforth from Pixabay)
Paxos, a US-based blockchain infrastructure platform, has raised $142m in a Series C funding round led by investment firm Declaration Partners.
The New York-regulated financial institution also secured investments from Mithril Capital, PayPal Ventures, RIT Capital Partners, Alua Capital, Ken Moelis, Senator Investment Group and others, during the funding round.
The company’s existing investors, which include RRE Ventures and Liberty City Ventures also took part in the Series C round.
Paxos, which was founded in 2012, has so far raised funding of more than $240m. In May 2018, the blockchain infrastructure platform raised $65m in a Series B round.
Operating as a trust company for digital assets, Paxos developed a technology which makes it possible to tokenise, custody, trade and settle assets.
The company offers crypto solutions for enterprises, and also crypto trading, and settlement solutions for securities and commodities.
Paxos CEO and co-founder Charles Cascarilla said: “In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated. We are proud to count among our clients’ global leaders in payments, banking, trading and fintech, such as PayPal, Credit Suisse, Societe Generale and Revolut.
“Paxos is uniquely positioned to address the digital asset needs of global brands and bring our solutions to enterprises with trillions in assets and billions of end users.”
The company said that it will continue to invest in developing enterprise-grade infrastructure solutions.
It plans to use the new capital for speeding up its growth by scaling its operations and platform capacity to meet the requirements of its customer base.
Declaration Partners partner Brian Stern said: “Paxos is executing on its ambitious, long-term mission at a remarkable pace. Through its relentless forward-thinking, Paxos has developed products and services that enable trusted access to digital assets, as well as dramatic efficiency and risk reduction to our traditional financial industry infrastructure.
“We are thrilled to support its continued growth and development of these innovative and inclusive solutions.”