PayPal is now part of the investors. The company will double its work team and expand its line of business.
The financial technology company Paxos closed 2020 with a new capital injection for USD 142 million. Paxos added heavier investors such as PayPal Ventures, RIT Capital Partners, Ken Moelis, and previous funders RRE Ventures and Liberty City Ventures.
The partnership will be run by Paxos Crypto Brokerage, the brokerage service, recently launched by the company, is in charge of the regulatory, technological, and liquidity aspects of crypto functions. Paxos Crypto Brokerage also provides cryptocurrency services to PayPal and Revolut.
What is Paxos Crypto Brokerage?
Paxos Crypto Brokerage is the newest solution for companies to offer cryptocurrency by buying, selling, holding, and sending capabilities within their applications. It is a turnkey, API-based solution that eradicates the most technical and regulatory complexity.
Customers can tailor the solution to their unique product needs and brand experience, while Paxos manages through its services, the regulatory oversight as well as serving as a supplier of a liquid marketplace for users.
It is the first time that PayPal has ever invested in Paxos, and it is worth to take into account that only a few months ago, a report said how both companies partnered and explained how PayPal could integrate the purchase, sale, retention, and sending of bitcoins and ethers into its platform.
The financing round, directed by Declaration Partners, was series C, which seeks greater liquidity to develop or acquire new products.
With this new capital, Paxos plan is to double the size of its team; a bigger team will make easier an expansion of its line of business, which until now includes stablecoin, cryptocurrency trading, and blockchain-based settlements.
Since its inception in 2012 and to date, Paxos has raised more than $ 240 million in funding. Also, it has two main financial services companies among its clients: Credit Suisse and Société Generale.
Paxos CEO and co-founder Charles Cascarilla said the company “is in a unique position to address the digital asset needs of global brands and bring our solutions to companies with trillions of assets and billions of end-users.”
Why do Users and Companies Trust Paxos?
Paxos is a pioneer in the digital asset space and has years of market expertise operating the leading regulated digital asset exchange built for institutional traders, itBit.
Paxos is a company that receives regulations from the New York State Department of Financial Services, Paxos offers the best in class blockchain monitoring software and systems, and each service is specially designed to prevent market manipulation.
By: Jenson Nuñez.
