Coinbase and Bank of America Join Series D Funding Round of Paxos
Bank of America, one of the leading banks in the US, Coinbase Ventures, Founders Fund, and FTX recently joined the Series D funding round of Paxos, a regulated blockchain infrastructure platform.
According to an official announcement, Paxos received a valuation of $2.4 billion. To date, the company has raised a total of $540 million. In April 2021, Paxos secured $300 million in a funding round led by Oak HC/FT with participation from previous investors including Declaration Partners, PayPal Ventures, and Mithril Capital.
In May 2021, Bank of America joined the Paxos Settlement Service, a private, permissioned blockchain infrastructure solution designed to bring greater transparency and efficiency to the US equities settlement system.
Paxos formed several partnerships in 2021 in an effort to increase the adoption of blockchain technology in the global financial sector. The company has offices in London, New York, and Singapore.
Commenting on the latest addition of Bank of America, Coinbase, FTX, and Founders Fund to the company’s Series D funding round, Charles Cascarilla, CEO and Co-Founder of Paxos, said: “We’re at the beginning of a technological transformation where new market infrastructure is needed to re-platform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible, and digital economy. We’re defining this space and are excited to grow our enterprise solutions besides these market leaders.”
Growth
The global blockchain ecosystem saw substantial growth in 2021 amid a jump in adoption. Paxos highlighted the importance of transparency in blockchain-based financial market infrastructure. The company is planning to increase its investment in the growth and development of enterprise-grade infrastructure solutions. “In a dynamic space, Paxos has distinguished itself as a leader in transparency and trustworthiness by building innovative enterprise products. We believe Paxos will unlock significant value by facilitating the mainstream adoption of crypto and blockchain technology,” Napoleon Ta, Partner at Founders Fund, mentioned in the official press release.
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