PayPal crypto partner Paxos raises $300M

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Cryptocurrency has been an increasingly popular topic in recent months, but there is still a lot of confusion about how it works, and why it’s such an appealing investment. Let’s take a look at where cryptocurrency came from and how it works today. What is cryptocurrency?

As the crypto bear market continues, XRP’s $0.3 billion daily trading volume is dwarfed by that of BTC and ETH. However, success in the crypto sector has nothing to do with market cap or trading volumes. Case in point, the Paxos Standard (PAX), a cryptocurrency launched by the New York-based Paxos Trust Company in August 2018. Paxos has recently been granted permission by the New York Department of Financial Services to operate as a fully-regulated trust company. It also received approval to offer its Pecunio digital asset management service to customers in all 50 states, and has been approved by the SEC to issue Paxos Standard tokens.

Paxos, a major cryptocurrency company and PayPal’s crypto partner, has completed a massive fundraising round shortly after receiving preliminary approval for a national escrow bank.

On Thursday, the company announced a new Series D financing round of $300 million, bringing Paxos’ valuation to $2.4 billion. The new round includes previous Paxos investors such as PayPal Ventures, Declaration Partners, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap and others.

The newly raised funds will allow Paxos to continue investing in enterprise-level infrastructure and strengthen its commitment to regulatory, safety and compliance, as well as expand its business, the company said.

Following the preliminary approval of the Office of the Comptroller of the Currency last week, Paxos also plans to establish the Paxos National Trust Bank in the near future. The company has also applied for registration as a clearing agent with the Securities and Exchange Commission and is in the process of obtaining a major payment institution license in Singapore.

Charles Cascarilla, co-founder and CEO of Paxos, said demand for the company’s business solutions is growing much faster than expected.

Founded in 2012, Paxos has become a major player in the industry that allows users to tokenize, store, exchange and trade digital assets. Paxos has issued stable coins, such as the Paxos Standard, which is pegged to the US dollar, and the PAX Gold, which is backed by gold.

Last year, PayPal announced a partnership with Paxos to allow users to buy, sell and hold cryptocurrencies such as bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC). Paxos also helped Venmo, PayPal’s payments company, trade cryptocurrencies last week.

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