• Thu. Feb 29th, 2024

Paxos, Crypto Partner of PayPal Has Raised $300 Million

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Apr 29, 2021
PayPal Successfully Sends Live Its Crypto Services For US Customers

According to the latest reports, Paxos has made an announcement in regards to the recent fundraising round. Paxos is a company mainly dealing in cryptocurrencies and is a collaborator with PayPal in terms of cryptocurrencies.

Paxos has confirmed that it has carried out a successful fundraising round that was massive. According to the crypto-company, it went ahead with the funding round after being approved to launch a bank for national trust. However, the firm has confirmed that the approval is preliminary and the decision may change or amend in time.

Paxos made the announcement of the ending of the latest funding round on Thursday, April 29, 2021. According to the firm, it is so far the most successful and productive funding round ever carried out by Paxos.

According to Paxos, it was the Series D funding round, bringing a whopping $300 million to the company. After the conclusion of a successful funding round, the market capitalization of the company is now $2.4 billion.

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Paxos’s latest fundraiser saw not only the new investors contributing to the round but also, some old contributors as well. Names of some of the prominent old/new contributors include WestCap, Liberty City Ventures, Senator Investment Group, Mithril Capital, Declaration Capital, and PayPal Ventures.

Ever since its foundation, Paxos has made constant efforts to gain more prominence in the enterprise-level industry. The company has introduced several products and features that support the company’s motives and ambitions. The company aims to gain more and more ground in the infrastructure for enterprise-level services.

The company also aims to become more regulated and adheres to the regulatory policies to the extreme. The company is also determined to provide its users with the highest-level compliance and security. Paxos is constantly making improvements to its security infrastructure to ensure it is never breached by outside sources.

By adhering to all that is required in order to operate in the most regulated way, the firm aims to expand its services all across the board.

As of now, Paxos is making attempts to acquire approvals for several services and products it plans to launch around the world. The first and foremost mission of Paxos is to introduce a Paxos National Trust Bank. For the trust bank, Paxos awaits to receive a full operating license from the Comptroller of the United States.

The next project Paxos is after is acquiring the registration for the clearing agency, whose decision is pending with the US SEC. Then, Paxos is aiming to receive a license from the regulatory authority from Singapore for launching a Major Payment Institution in the country.

Paxos was founded back in 2012 and allows users to benefit from services such as settling digital assets, trade, custody, and tokenization.

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