Paxos, the first regulated blockchain infrastructure platform, has closed a $142m Series C round of funding.
Declaration Partners, the investment firm backed by the family office of David M Rubenstein, led the round.
Other investors chipped-in, including Mithril Capital, PayPal Ventures, RIT Capital Partners, Ken Moelis, Alua Capital and Senator Investment Group. Previous Paxos investors also participated in the round, including RRE Ventures and Liberty City Ventures.
To date, Paxos has raised more than $240 million in funding.
Charles Cascarilla, CEO and co-founder of Paxos, 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. We are grateful for the support of our new investment partners which helps bring us closer to our vision for a more open, accessible economy.”
Paxos plans to continue investing in developing enterprise-grade infrastructure solutions while deepening its commitment to regulation, reliability and security. Paxos will use the new dosh to accelerate growth, including scaling its operations and platform capacity to meet the demands of its expanding customer base. The company plans to double the size of its team and will explore all opportunities for growth.
Brian Stern, Partner, Declaration Partners, added: “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.”
Since the creation of blockchain technology, Paxos told Next Money it had been an industry pioneer at increasing trust and transparency and throughout 2020 drove greater acceptance of digital assets by institutional audiences.