Cryptocurrency Firm Paxos Raises $ 300 Million at $ 2.4 Billion Valuation

FILE PHOTO: A representation of the Bitcoin virtual currency is seen in front of a stock chart in this illustration taken on March 15, 2021. REUTERS / Dado Ruvic / Illustration

(Reuters) – Cryptocurrency firm Paxos said on Thursday it had raised $ 300 million at a valuation of $ 2.4 billion, in a funding round led by the capital firm. risk-oriented fintech and health Oak HC / FT.

Existing investors, including PayPal Ventures, Declaration Partners and Senator Investment Group, also participated in the round, Paxos said.

The latest investment in Paxos highlights the growing investor interest in crypto companies, which have seen their perceived value rise alongside the rise in bitcoin.

“The demand for our business solutions has accelerated much faster than we would have anticipated,” said Charles Cascarilla, co-founder and CEO of Paxos.

The company, which provides blockchain-based services to financial institutions and operates a cryptocurrency exchange, has now raised a total of $ 500 million to date, he said.

Earlier this month, the New York-based company said it would apply for an official clearing agency license from the U.S. securities regulator after a pilot test in which its platform was used for trade regulations on same day.

A clearinghouse is an intermediary that facilitates the proper settlement of a transaction between a buyer and a seller.

Report by Niket Nishant in Bengaluru; Editing by Amy Caren Daniel


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