PayPal is crazy about Bitcoin and encryption – Giant helps raise $142 million for Paxos

27.12.2020 | 08:00

Welcome to the top 10! – The company Paxos, PayPal’s partner for its encryption sales service, has just raised 142 million dollars. These funds will finance its expansion in 2021.

142 million dollars for Paxos

On Wednesday, December 16, Paxos announced that it had completed a Series C financing round totalling the modest sum of $142 million.

Among the investors are of course PayPal Ventures, a partner of Paxos, as well as investment funds such as Declaration Partners and Mithril Capital.

This fund raising allows Paxos to enter the top 10 largest fund raising in the crypto ecosystem, according to The Block.

In total, Paxos has raised more than $240 million through various campaigns.

Paxos to the assault of the banks

According to the press release, the funds raised will help finance the expansion of Paxos in 2021, particularly in the banking sector:

„Their support will help accelerate our growth so that we can maintain our leading position as a provider of blockchain solutions and cryptomonetary infrastructures for the largest companies and financial institutions, such as PayPal, Credit Suisse, Société Générale and Revolut. »

Paxos has set 3 growth objectives for 2021: increase the number of Tokyo-based assets on guard, expand their teams and reinforce their reliability.

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