Paxos, the first regulated blockchain infrastructure platform, today announced it has closed a $142 million Series C round of funding. Declaration Partners, the investment firm backed by the family office of David M. Rubenstein, led the round, which includes investments from Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group and more. Previous Paxos investors also participated in the round, including RRE Ventures and Liberty City Ventures. To date, Paxos has raised more than $240 million in funding.
Charles Cascarilla, CEO and Co-Founder of Paxos, commented, "In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated. 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."
Paxos will continue investing in developing enterprise-grade infrastructure solutions while deepening its commitment to regulation, reliability and security. Paxos will use this capital to accelerate growth, including scaling its operations and platform capacity to meet the demands of its expanding customer base. The company plans to double the size of its team and will explore all opportunities for growth.
Brian Stern, Partner, Declaration Partners, said, "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 is a truly unique platform," said Ajay Royan, Managing General Partner of Mithril Capital, "Chad Cascarilla and the Paxos team have pioneered a long-term approach that combines regulatory rigor with exceptional product engineering, enabling millions to seamlessly access the flexibility and choice afforded by an open, efficient, and user-centric financial infrastructure."
Since the creation of blockchain technology, Paxos has been an industry pioneer at increasing trust and transparency. In 2020, it drove greater acceptance of digital assets by institutional audiences with recent achievements including:
- The launch of Paxos Crypto Brokerage, a platform solution that powers crypto services for PayPal and Revolut US;
- The issuance of more than $7.5 billion in stablecoins across three of the leading US dollar-backed stablecoins;
- Becoming the first company to settle US equity trades on a blockchain outside of the legacy system (under No-Action relief from the US Securities and Exchange Commission staff); and
- Confirmation of more than $3.5 trillion in commodities trades with its Post-Trade automation service.
Paxos is a New York-regulated financial institution on a mission to create a global, frictionless and open economy. By building infrastructure to enable movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7.
Today, as the first regulated Trust company for digital assets, Paxos technology makes it possible to tokenize, custody, trade and settle assets. It offers crypto solutions for enterprises, crypto trading, and settlement solutions for securities and commodities. Paxos clients include PayPal, Credit Suisse, Societe Generale, StoneX, Revolut and many more enterprises. With offices in New York, London and Singapore, Paxos takes a global view of modernizing the financial system. Learn more at www.paxos.com.
About Declaration Partners
With offices in New York City and Washington, DC, Declaration Partners is an investment firm anchored by the family office of private equity veteran and philanthropist David M. Rubenstein. Declaration Partners makes direct private equity and real estate investments, including providing growth equity capital and seeding early stage private funds and venture studios.
About Mithril Capital
Mithril is a global investment firm cofounded by Ajay Royan and Peter Thiel. Agnostic to sector and geography, we invest and partner with teams who use technology to build valuable and lasting businesses, often in industries long overdue for change. Each of these businesses is unique, but all face common challenges to unlocking long-term growth. We help navigate these critical inflection points, and we invest in size and with conviction. Mithril is headquartered in Austin, Texas.
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