Paxos Scores $142 Million from Declaration Partners, PayPal

The valuation of the crypto company is still unknown.

Paxos, a crypto-financial services company with many verticals, has closed its Series C funding round on November 24 after raising $142 million.

The funding round was led by Declaration Partners, which is backed by the family office of billionaire David Rubenstein. 

Heavyweights like Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis and Alua Capital participated in the fresh fund injunction, while existing RRE Ventures and Liberty City Ventures also raised their stake.

The funding came as Paxos completed a busy year with the launch of its crypto brokerage business and partnering with companies, like Revolut and PayPal.

“In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated,” Paxos Co-founder and CEO, Charles Cascarilla said. 

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“Paxos is uniquely positioned to address the digital asset needs of global brands and bring our solutions to enterprises with trillions in assets and billions of end users. We are grateful for the support of our new investment partners which helps bring us closer to our vision for a more open, accessible economy.”

A Crypto Startup with Deep Pockets

The latest round has brought the total funding of the crypto startup to $240 million. It raised $65 million in 2018 and $25 million in 2015, according to Crunchbase.

Founded in 2012, Paxos is known for issuing stablecoins. In 2020 alone, the company issued more than $7.5 billion in stablecoins. It is now seeking a US federal banking charter.

The New York-based company is now planning to expand its product line and is considering to enter the tokenization industry. Moreover, it is looking to double its workforce.

“Paxos is executing on its ambitious, long-term mission at a remarkable pace,” Brian Stern, a Partner at Declaration Partners, said. “Through its relentless forward-thinking, Paxos has developed products and services that enable trusted access to digital assets, as well as dramatic efficiency and risk reduction to our traditional financial industry infrastructure.” 

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