Paxos Adds Four Strategic Investors Including Bank of America and Coinbase to Series D Funding Round

Paxos, the first regulated blockchain infrastructure platform that uses technology to tokenize, custody, trade and settle assets, announced that it has added strategic investors including Bank of America, Coinbase Ventures, Founders Fund and FTX to its Series D round of funding. To date, Paxos has raised more than $540 million in funding. With a valuation of $2.4 billion, Paxos has become one of the fastest growing fintech startups in the world.

The Paxos platform enables the mainstream adoption of digital assets by global fintechs and financial institutions. Its Paxos Settlement Service is a a private, permissioned blockchain infrastructure solution designed to bring greater transparency and efficiency to the US equities settlement system. Paxos noted in its news release that within the digital asset ecosystem, liquid markets established by leading crypto platforms will be critical to accessing tokenized fiat, commodities and securities as traditional financial assets are replatformed. Earlier this year, Bank of America joined the Paxos Settlement Service. Fazzaco reported that in Jun Wedbush Securities​, a leading independent financial services provider, also joined the Paxos Settlement Service.

Charles Cascarilla, CEO and Co-Founder of Paxos, commented, "We're at the beginning of a technological transformation where new market infrastructure is needed to replatform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible and digital economy. We're defining this space and are excited to grow our enterprise solutions beside these market leaders." 

Napoleon Ta, Partner at Founders Fund, added, "In a dynamic space, Paxos has distinguished itself as a leader in transparency and trustworthiness by building innovative enterprise products. We believe Paxos will unlock significant value by facilitating the mainstream adoption of crypto and blockchain technology."