Yesterday, Paxos a blockchain infrastructure company announced that they ended the Series D round of investment for $300 million, at a $2.4 bln valuation, which is one of the highest in the history of cryptocurrency and blockchain startups. The company’s services mainly provide infrastructure and white-label services for clients who want to include cryptocurrency products into their offer.
Paxos has collaborated for its cryptocurrency features with PayPal in particular. PayPal customers have been able to purchase, keep, and sell a few crypto-assets like Bitcoin, Ethereum ever since October 2020. This has affected the cryptocurrency market in particular, as Paypal is one of the biggest online transaction facilitators. Similar news was released a week ago, as one of PayPal’s subsidiaries, Venmo have added the same functionalities. Additionally, recently PayPal announced that they will enable payments with Bitcoin on their platform.
The business makes every effort to be as compliant as possible. It also intends to maintain its regulatory commitment through a variety of geographies and verticals.
Paxos intends to establish the Paxos National Trust Bank and apply for a Clearing Agency registration with the Securities and Exchange Commission (SEC) in the United States. The business is applying for a Major Payment Institution license in Singapore. Paxos believes that this regulatory advantage would encourage more corporate clients looking for secure cryptocurrency opportunities to partner with them.
Paxos also recently released their own cryptocurrency token, Paxos Standard (PAX). It is a US-dollar-backed stable coin, cryptocurrency exchanged on itBit, which is their own cryptocurrency exchange. Furthermore, they also offer an equities settlement service used by, for example, Credit Suisse CS -0.4 percent, Societe Generale, and Instinet, and Nomura Holdings.
Finally, following a fruitful pilot test in which Credit Suisse and Instinet used Paxos’ blockchain-based settlement service platform, Paxos is applying for a clearing agency license with the US Securities and Exchange Commission.
The CEO and founder of Paxos, Charles Cascarilla recently stated: “We want to transform as many assets as possible and re-platform them into the blockchain-based world”.