Bank of America, Coinbase Ventures Invested in Paxos’ $300M Funding Round

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29 July 2021

Blockchain-based crypto services platform Paxos has added Bank of America, FTX, Founders Fund and Coinbase Ventures to a heavyweight list of investors in its $300 million Series D funding round, the firm said Thursday.

Oak HC/FT led the huge capital raise, which the nine-year-old company announced in late April, at a valuation of $2.4 billion. The round also included PayPal Ventures and Mithril Capital, among others. The firm has raised more than $540 million over multiple rounds.

The company noted that Bank of America joined the Paxos Settlement Service earlier this year. The platform uses blockchain technology to achieve same-day settlement of stock trades.

“We’re defining this space and are excited to grow our enterprise solutions beside these market leaders,” Paxos CEO and co-founder Charles Cascarilla said in a press release.

Paxos started providing infrastructure for PayPal’s crypto service last year, which has extended to PayPal’s Venmo payments app. Credit Suisse, Revolut and Societe Generale are among other clients.

In an April interview with CoinDesk, Cascarilla called the latest round “confidence capital” that would give customers certainty that Paxos would “be around for the next five to 10 years.”

In a statement, Founders Fund partner Napoleon Ta called Paxos “a trusted operator in blockchain-based financial market infrastructure,” highlighting “its commitment to regulation, reliability and security for enterprises entering digital asset markets.”

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