The cryptocurrency company Paxos has held another round of funding, during which it received $ 300 million. The funds will be used to develop the platform and expand its staff.
As the CEO of Paxos Chad Cascarilla said, now is a very fertile time for the company, and “money needs to be forged does not leave the cash register”. Paxos Services are used by PayPal and the Venmo payment application to provide customers with the ability to purchase cryptocurrencies. However, several other companies of “about the same size” have approached Paxos and are planning to introduce similar features. To meet the demand, it is necessary to continue developing the platform, and this requires money.
“We want to be able to expand the team and platform. In addition, such large clients want to see that they are partnering with a large-cap company. To take advantage of this opportunity, we have carried out another round of funding, ”said the CEO of Paxos.
According to Cascarilla, another PayPal-level company is expected to appear on the Paxos customer list this year. And in the coming years, the number of such clients may increase by three or even five units.
Note that Paxos recently received a conditional license from the Office of the Comptroller of the United States of America (OCC) to create a separate, federally regulated trust.
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