Regulated blockchain infrastructure platform Paxos revealed that it has raised $300 million in series D funding at $2.4 billion valuation.
The round was led by premier venture growth-equity fund Oak HC/FT, with investors like Declaration Partners, Mithril Capital, PayPal Ventures, Senator Investment Group, Liberty City Ventures and WestCap as the participants.
Until now, the company has raised over $500 million in funding and with a valuation of $2.4 billion.
Demand for our enterprise solutions has accelerated much faster than we could have anticipated. It validates our approach to providing the most innovative and regulated enterprise solutions to replatform the financial system and create the digital economy of the future.
Charles Cascarilla, CEO and Co-Founder of Paxos
The company will continue investing in the development of enterprise-grade infrastructure while its commitment to regulation, reliability and security grows stronger. Paxos intends to employ new team members across all functions, scale its operations, increase platform capacity and invest into innovation, so that its growth would pick up speed.
In 2021, the company supported the launch of crypto buying and selling services on Venmo through its collaboration with Paypal and became the third federally backed crypto firm.