Paxos, an American blockchain infrastructure firm, closed its funding with a whopping $300 million, the highest among the crypto–related startups. Some prominent investors, including a few from the previous rounds like Liberty City Ventures and PayPal Ventures, valued it at $2.4 billion.
Thanks to the recent funding round, the company has more than five hundred million in capital. A few months after the startup closed its round C funding in December last year, it raised $149 million at an undisclosed valuation.
With the raise amount, the company aims to expand its operations, set up its regulator compliance system, review acquisition chances, and grow the headcount. Meanwhile, the Paxos‘ head claimed that it aims to take on a couple of PayPal’s clients. Interestingly, the company also backs the digital assets brokerage services for payment giant, PayPal, allowing users to assess and buy cryptocurrencies.
Some of the company’s other products include a digital asset exchange called itBit, an American dollar–backed coin PAX, and an equity settlement service used by the trading arm of famous Nomura Holdings.
Only recently, Paxos received the Office of Controller of Currency’s green signal for the crypto bank. The conditional green signal suggests a significant milestone towards becoming the first crypto custodians at the local and federal levels.