Paxos has announced the completion of its Series C financing round, raising $142 million. The announcement was made in a press release.
The round was led by Declaration Partners, backed by the family office of Carlyle Group co-founder David Rubenstein. It was joined by Mithril Capital, Peter Thiel’s venture firm, Alua Capital, and PayPal Ventures.
“Previous investors also participated in the round, including RRE Ventures and Liberty City Ventures. To date, Paxos has raised more than $240 million,” the statement said.
The company plans to use the funds to develop infrastructure solutions and to create new products.
Paxos is regulated by the New York State Department of Financial Services as a trust company. In December, it filed an application for a license for a national trust bank with the Office of the Comptroller of the Currency in the United States.
Back in July 2020, the payments giant PayPal selected Paxos to manage assets for its cryptocurrency service.
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