The funding will accelerate the growth of its financial market infrastructure platform
NEW YORK, April 29, 2021 — Paxos, the first regulated blockchain infrastructure platform, today announced it has closed a $300 million Series D round of funding. Oak HC/FT led the round, with participation from previous investors Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap and more. To date, Paxos has raised more than $500 million in funding and with a valuation of $2.4 billion, Paxos is one of the fastest growing fintech startups in the world.
Charles Cascarilla, CEO and Co-Founder of Paxos, commented, “Demand for our enterprise solutions has accelerated much faster than we could have anticipated. It validates our approach to providing the most innovative and regulated enterprise solutions to replatform the financial system and create the digital economy of the future.”
Paxos will continue investing in the development of enterprise-grade infrastructure while deepening its commitment to regulation, reliability and security. The company will accelerate growth by hiring new team members across all functions, scaling its operations, increasing platform capacity and investing in innovation. Additional liquidity will also be added across the platform to enhance the customer experience and increase utilization of its tokens. To continue the development of its robust, regulated platform, Paxos also plans to establish the Paxos National Trust Bank, support its application for a Clearing Agency registration with the Securities and Exchange Commission and pursue its Major Payment Institution license in Singapore.
Patricia Kemp, Co-Founder and Managing Partner at Oak HC/FT, said, “Since securing the first Trust charter for digital assets in 2015, Paxos has distinguished itself as an innovator in fintech by embracing regulation. Its solutions are designed to ensure trust with enterprise clients while enabling exciting new business opportunities. Few companies are approaching digital assets with such a clear vision as to how blockchain technology can revolutionize the transfer and creation of value. We’re excited to support Paxos at this pivotal time in the evolution of the global financial system.”
Paxos has continued to differentiate itself as the most trusted operator in blockchain-based financial market infrastructure. Its focus on building enterprise-grade solutions in partnership with its clients has demonstrated results. In 2021, Paxos has achieved the following milestones:
- Supported the launch of crypto buying and selling services on Venmo through its partnership with PayPal;
- Received conditional approval for the first de novo Trust Bank charter for digital assets from the Office of the Comptroller of the Currency;
- Completed same-day settlement of traded stocks for Instinet and Credit Suisse via the Paxos Settlement Service;
- Grew total stablecoin assets across three of the leading US dollar-backed stablecoins to nearly $10 billion; and
- Tokenized more than 100,000 oz of the highest quality investment-grade gold with PAX Gold.
Paxos is the first regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is building a new system that allows assets to move instantaneously, anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It offers crypto solutions for enterprises, crypto trading and settlement solutions for securities and commodities. Paxos customers include global enterprises PayPal, Credit Suisse, Societe Generale, StoneX and Revolut. Paxos is a top-funded fintech company with more than $500 million raised from leading investors including Oak HC/FT, Declaration Partners, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $3.3 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.
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