Paxos has just gained the support of prominent investors — Coinbase Ventures, FTX, Bank of America, and Founders Fund. They will be joining the Series D funding round as new backers, together with major companies like Paypal Ventures and Mithril Capital.
While these institutions were listed as “strategic investors”, the amounts of their contributions have yet to be revealed. Now, Paxos has raised over $540 million in funding.
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.
Charles Cascarilla, CEO of Paxos
The Bank of America’s interest in the firm does not come out of left field. The company involved the bank in its Paxos Settlement services, which enables third parties to settle equity transactions.
The bank’s investment in Paxos could be a sign that it is seeing a future where blockchain technology is used in tandem with traditional financial institutions.