Paxos has just completed a Series C funding round in which it has attracted $142M. Participants in the round include PayPal Ventures, Declaration Partners, RIT Capital Partners and US investment banker Ken Moelis.
Although Paxos has not disclosed the valuation at which it has conducted the investment round, the total amount of funds raised by the company since it was established has exceeded $240M. According to The Block, Paxos' funding round is the tenth largest investment round among crypto and blockchain companies in history.
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Earlier this year, PayPal teamed up with Paxos to offer its clients access to cryptocurrency trading. Paxos has recently launched Paxos Crypto Brokerage, an API-based brokerage service. According to the company, a large number of clients have expressed their interest in the product, including fintech companies, banks and brokerage firms.
Paxos intends to use the funds it has just raised to attract Wall Street players to its products. As part of this plan, the firm has recently filed an application for a US bank charter. Paxos has highlighted that strengthening relationships with regulators and increasing assets will help it attract new clients.