David Mark Rubenstein, co-founder of The Carlyle Group private equity and asset management firm that manages $ 200 billion in assets, managed C series funding, which Paxos crypto platform raised $ 142 million.
Invested in the cryptocurrency patform through Declaration Partners, backed by David M. Rubenstein’s family office, whose net worth is believed to be around $ 3.2 billion. “Paxos is delivering on its ambitious, long-term mission with remarkable speed,” said Brian Stern, Partner of Declaration Partners.
“PAXOS, THANKS TO ITS ADVANCED VIEW, IN ADDITION TO DEVELOPING PRODUCTS AND SERVICES THAT PROVIDE RELIABLE ACCESS TO DIGITAL ASSETS; TRADITIONAL FINANCE INDUSTRY ADDED SIGNIFICANT EFFICIENCY AND REDUCED RISK TO OUR INFRASTRUCTURE. “
According to the news in TrustNodes, Paxos has customers such as PayPal, Credit Suisse, Societe Generale, StoneX, and Revolut. It also offers an exchange, custody, settlement services, as well as brokerage services with tokenized dollars through itBit.
Mithril Capital, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, RRE Ventures and Liberty City Ventures as well as PayPal contributed to the investment on this tour. Thus, the total fund collected with Series C increased to 240 million dollars.
Institutions’ interest in cryptocurrencies is increasing
The platform offers custody service for PayPal, which has recently started providing Bitcoin trading.
With this investment by Rubenstein, billionaires have now matured significantly in the last two years; It is suggested that they pay more attention to the growing crypto space. Especially for institutional investors, an important infrastructure has been created and some institutions providing traditional trading platform; He stepped into the crypto space this year, amid increasing competition to provide Bitcoin services. This step is to potentially increase portfolios risk-adjusted returns; It came with the increase in demand from customers who want to invest in Bitcoin.