Paxos Trust, the official cryptocurrency partner of PayPal, raised more than $ 140 million in new funding through the Series C funding round.
Paxos raised $ 140 million
The tour was led by Declaration Partners, an investment initiative backed by billionaire and philanthropist David M. Rubenstein. Other companies participating in the financing tour include Mithril Capital, RIT Capital Partners, RRE Ventures and Liberty City Ventures.
Charles Cascarilla, CEO of Paxos, said in a recent interview:
We pride ourselves on being global leaders in payments, banking, commerce and fintech among our clients.
Cryptocurrency collaboration with PayPal One of Paxos’ largest partnerships
Paxos is also at the head of several new cryptocurrency developments. In October, it was announced that PayPal, the world’s largest digital payment system, will not only allow its customers to purchase cryptocurrencies on its site, but also use these assets to access goods and services.
In other words, it can be used in the same way as cryptocurrencies or credit and debit cards. Crypto was used in its primary capacity: as a means of payment.
However, Paxos stands out as the factor that will ultimately allow PayPal to provide crypto services to companies and individuals in New York. New York has some of the toughest Bitcoin and crypto regulations and often requires companies that engage in crypto-based business to obtain a BitLicense before operating in the state. Few companies have ever been able to obtain a license, although some, such as the Gemini Stock Exchange, are considered legitimate owners.
Although PayPal does not earn a BitLicense on its own, it has obtained a “conditional” BitLicense through Paxos. This partnership means that PayPal can operate at Big Apple and distribute its crypto-based products and services through a third party that owns BitLicense. This company turned out to be Paxos after all.
However, the news about the company does not stop there. Paxos is currently trying to make itself an official bank.