Paxos, the US-based creator of a blockchain infrastructure software platform, completed a $142m series C round on Wednesday that included PayPal Ventures, the strategic investment arm of digital payment processor PayPal.
The round was led by investment firm Declaration Partners and also featured Mithril Capital, RIT Capital Partners, Alua Capital, Senator Investment Group, RRE Ventures, Liberty City Ventures and private investor Ken Moelis.
Founded in 2012 as ItBit, Paxos has developed technology that enables users to tokenise, trade and settle crypto assets. It is also powering a newly launched PayPal service that allows its users to hold and trade digital currencies through their accounts.
Paxos co-founder and CEO Charles Cascarilla said: “We are proud to count among our clients global 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.”
The company raised $3.25m in a 2013 seed round co-led by Canaan Partners and RRE Ventures that also featured Liberty City Ventures and angel investors Jay W. Jordan II and Ben Davenport.
RRE Ventures, Liberty City Ventures and Jay W. Jordan II joined private investor James Pallotta in the company’s $25m series A round in 2015, and the three were among the existing backers that provided $65m in series B funding for Paxos in May 2018.
