Cryptocurrency firm Paxos announced a surge of $300 million, computing the total valuation of $2.4 billion today. The declaration is made in a funding round led by Oak HC/FT.
Paxos Valuation $2.4Billion After $300 Million Raise
Chief Executive Officer Chad Cascarilla while mentioning the New York-based firm stated that the firm is looking forward to hiring more employees to add in its working capital, using new cash. He said,
“The capital may also be used for acquisitions, though none are planned.” “The trajectory of our business, just like space, has changed tremendously in the last six months. As blockchain technology becomes more mainstream, startups like Paxos that provide infrastructure support for the industry are benefiting.”
“Demand for our enterprise solutions has accelerated much faster than we could have anticipated,” he added.
Paxos Latest Technology to Settle Trades in Real-Time
In the previous month, the technology made Paxos settle stock trades within hours, which usually takes days to resolve.
Cascarilla mentioned, “Paxos is testing its technology to transfer shares and money in near-real-time in what could be a threat to the Depository Trust & Clearing Corp.’s half-century dominance in equity markets.”
Earlier this month, the New York-based company opened up about its plans for applying for a formal clearing agency license from the U.S. securities regulators. A pilot test has also been performed in which its platform was used for same-day trade settlements.
PayPal’s crypto partner said, “Existing investors, including PayPal Ventures, Declaration Partners, and Senator Investment Group, also participated in the round. The company, which provides blockchain-based services to financial institutions and operates a cryptocurrency exchange, has now raised $500 million in total to date.”
The latest investment in Paxos is a reflection of surging investor interest in the crypto firms. Investors can now clearly visualize their perceived value increase in lockstep with the rise of digital currencies.