Regulated blockchain infrastructure Paxos, the developer of the stablecoin PAX Gold and PAX Standard announced raising $300 million in its Series D funding round headed by Oak Technology. In total, the company raised $500 M. Its valuation stands at around $2.4 B. Paxos is going to use the capital to expand its services.
Related: Paxos received a conditional license from the national bank
We're thrilled to announce - we've raised $300M in our Series D with a valuation of $2.4 billion, making us one of the fastest growing fintech startups in the world. Read more here: https://t.co/nAQvt8GkwB
— Paxos (@PaxosGlobal) April 29, 2021
Founded in 2012, the company offers a wide range of services. Among its major customers are PayPal, Revolut, Credit Suisse, and Societe Generale.
Paxos team is providing PayPal's background operations. In October 2020, the payment giant started allowing Bitcoin buying and selling through Paxos.Just recently, the Office of the Comptroller of Currency (OCC) under the US Treasury has approved the company's application for a nationwide trust bank license. That made the company regulated by the state and federal grounds as in 2015 Paxos received a license by the New York State Financial Services Authority.