Revolut and Paypal’s crypto provider Paxos raises $142m

Investors backing blockchain infrastructure provider Paxos include Declaration Partners, Mithril Capital, PayPal Ventures, the Rothschild Investment Trust, Ken Moelis, Alua Capital and Senator Investment Group.

Paxos, a blockchain infrastructure platform with a host of blue-chip clients, has closed a $142m Series C round of funding.

Declaration Partners, the investment firm backed by the family office of David M. Rubenstein, led the round, which includes investments from Mithril Capital, PayPal Ventures, the Rothschild Investment Trust, Ken Moelis, Alua Capital, Senator Investment Group and more. 

Previous Paxos investors also participated in the round, including RRE Ventures and Liberty City Ventures. To date, Paxos has raised more than $240m in funding. 

Charles Cascarilla, CEO and Co-Founder of Paxos says that in the past year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated. 

“We are proud to count among our clients global leaders in payments, banking, trading and fintech, such as PayPal, Credit Suisse, Societe Generale and Revolut. Paxos is uniquely positioned to address the digital asset needs of global brands and bring our solutions to enterprises with trillions in assets and billions of end users,” he said.

The cash will be used for investment in developing enterprise-grade infrastructure and accelerate growth. The company also plans to double the size of its team.

In the past year, the firm launched the Paxos Crypto Brokerage, a platform solution that powers crypto services for PayPal and Revolut US; as well issued $7.5bn in stablecoins.