Paxos, a blockchain infrastructure platform, today announced it has closed a $142 millionSeries C round of funding.Declaration Partners, the investment firm backed by the family office ofDavid M. Rubenstein, led the round, with participation from Mithril Capital,PayPal Ventures,RIT Capital Partners plc,Ken Moelis, Alua Capital, Senator Investment Group. To date, Paxos has raised more than$240 millionin funding.

Paxos is building a future where all assetsfrom money to commodities to securitieswill be digitized and can move instantaneously, 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy. Today, as the first regulated Trust company with blockchain expertise, Paxos is uniquely positioned to mobilize and custody assets digitally.

While speaking about the investment round, Charles Cascarilla, CEO and Co-Founder of Paxos, stated:

In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated. We are proud to count among our clientsglobal leaders in payments, banking, trading and fintech, such as PayPal, Credit Suisse, Societe Generale and Revolut. 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.

In a blog post, Cascarilla said their mission is to enable the movement of any asset, any time, in a trustworthy way. Cascarilla added that for the financial system of the future to be truly opened it must be tokenized in contrast to the current account-based system

Paxos has signed up many big names in the digital asset sector. Recently, Paxos was enlisted by PayPal (NASDAQ:PYPL) in its strategic move into cryptocurrency. Announced in October, Paxos is powering PayPals new service enabling its US users to buy, hold and sell cryptocurrency directly from their PayPal digital wallet.

Key to Paxos growth is its compliance first approach as exemplified by the PayPal partnership which was touted by the New York Department of Financial Services.

Brian Stern, Partner, Declaration Partners, issued the following statement on the investment:

Paxos is executing on its ambitious, long-term mission at a remarkable pace. 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. We are thrilled to support its continued growth and development of these innovative and inclusive solutions.

Paxos said it will use the investment rounds funding to accelerate growth, including scaling its operations and platform capacity to meet the demands of its expanding customer base. The company also shared plans for 2021.

The company added it plans to double the size of its team and will explore all opportunities for growth. Paxos said its plans were grand and their goals are substantial. In brief, Paxos wants to lead the way in the inevitable digitization of assets. And now it has more funding to pursue this mission.

Excerpt from:

Blockchain Infrastructure Platform Paxos Secures $142 Million in Series C Funding Round Led By Declaration Partners - Crowdfund Insider