Blockchain Startup Paxos Raises $65M USD In Series B Fundingbr>
New York–based blockchain startup Paxos has raised $65 million in a Series B financing round. The round was led by a consortium of existing investors including Liberty City Ventures, RRE Ventures, Jay Jordan and others.
Paxos, formerly itBit, is a financial technology company offering blockchain solutions for global financial institutions. Its flagship service is Bankchain, a blockchain platform aimed at eliminating settlement risk in the precious metals and securities asset classes. Paxos has raised a total of $93 million in capital to date.
Paxos will be using the latest funding to significantly scale its operations and further the delivery of Bankchain to the global capital markets.
“This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies,” said Andrew Chang, COO of Paxos. “We are continuing to invest in expanding our platform that simplifies our financial infrastructure, offers greater control and lays the foundation for the future.”
Currently, financial institutions and market participants are using the Paxos platform to both digitize an asset and settle a trade.
“It is a crucial time in the financial markets. We are at an inflection point to reduce the risk in our financial system and free capital trapped by an archaic settlement system,” said Charles Cascarilla, CEO of Paxos. “Over the past three years, we have focused on building the right infrastructure to enable a modern-day settlement solution that will unlock capital, mobilize assets and create value.”
Earlier this month, Paxos was licensed by the New York Department of Financial Services (NYDFS) as a regulated trust, giving it many of the same privileges as a bank including the ability to take custody of mainstream financial assets.