Paxos Adds Bank of America Among Others to Series D Funding Round

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In Brief
  • Paxos announced the participation of Bank of America, Coinbase Ventures and others as part of its Series D funding round.

  • The company states it has raised more than $540 million in funding and is now valued at $2.4 billion.

  • The Bank of America has also joined the Paxos Blockchain Stock Settlement Network.

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Regulated blockchain infrastructure platform, Paxos, announced Thursday the addition of a number of strategic investors. 

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Paxos, a blockchain infrastructure platform, has announced some high-caliber investors joined in a Series D funding round. According to Paxos, Bank of America (BoA), Coinbase Ventures, Founders Fund, and FTX have all participated in its Series D funding round. 

The news comes on the heels of the initial announcement from Paxos about its $300 million Series D funding round led by Oak HC/FT. Additionally, Declaration Partners, PayPal Ventures, and Mithril Capital were among the other participants.

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The most recent announcement by Paxos states that, to date, the platform has raised more than $540 million in outside funding. The platform is now valued at $2.4 billion and is one of the fastest-growing fintech companies on the scene. 

In the press release, CEO and Co-Founder of Paxos, Charles Cascarilla, said that “We’re at the beginning of a technological transformation where new market infrastructure is needed to re-platform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible, and digital economy. We’re defining this space and are excited to grow our enterprise solutions besides these market leaders.” 

Bank of America working with Paxos

Not only was BoA a participant in Paxos’ Series D funding, but the country’s second-largest bank also joined Paxos Blockchain Stock Settlement Network in May. According to Paxos, the network is a “private, permissioned blockchain infrastructure solution designed to bring greater transparency and efficiency to the US equities settlement system. Paxos believes that, in a digital asset world, liquid markets that have been established by crypto companies will be important for accessing “tokenized fiat, commodities and securities as traditional financial assets are re-platformed.”

BoA became the third bank to try out the settlement service, with the other two being Credit Suisse and Nomura. As it stands, the service currently only supports internal transactions. BoA has so far been conducting such internal transactions on its own for months and is not outsourcing that task to Paxos.

The service allows for two parties to settle trades in minutes via the blockchain. A process that traditionally takes anywhere from a few hours to a few days. If the platform is approved by a clearing agency, Bank of America will start to offer the service to its customers. 

Partner at Founders Fund, Napoleon Ta, adds that “in a dynamic space, Paxos has distinguished itself as a leader in transparency and trustworthiness by building innovate enterprise products.”

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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