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Home Latest News Business Paxos Raises $142M Series C Following PayPal Deal, OCC Bank Charter Application

Paxos Raises $142M Series C Following PayPal Deal, OCC Bank Charter Application

Paxos has raised a fresh $142 million in order to facilitate the mainstream adoption of digital assets.

“We think that opportunity is now, our investors think it is too,” Paxos co-founder and CEO Charles Cascarilla told CoinDesk in an interview. “We want to really be able to put the pedal to the metal to make sure that we take advantage of that.”

According to coindesk, the Series C round was led by Declaration Partners, which is backed by the family office of Carlyle Group co-founder David Rubenstein. Also joining the round were Peter Thiel’s Mithril Capital, recently formed Alua Capital and PayPal Ventures. Specifically, PayPal’s new bitcoin offering is powered by Paxos’ crypto brokerage service.

Cascarilla said about PayPal’s investment that “We want to make sure that we’re aligned as we grow together.”

Paxos has currently raised over $240 million to date. Cascarilla did not disclose the company’s current valuation.

“We are not a unicorn, that’s what I will say,” he stated.

Cascarilla wrote in a draft blog post shared with CoinDesk that “The Series C will accelerate the firm’s efforts to provide blockchain and cryptocurrency infrastructure solutions to a wide range of financial institutions”. In addition to PayPal, Paxos’ big-name clients include Credit Suisse, Societe Generale and Revolut.

The raise will also fund a particular hiring push for the 130-person company.

Cascarilla wrote:

“We want to double the size of our team, expand our current product solutions and build new products that enterprises need.”

He also added that “We invested for this moment. And now we want to invest even more.”

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