Paxos (PAX) is raising $ 142 million to fund its ongoing crypto projects, fulfilling the company’s ambitions to open a national bank to lure big crypto investors into its net.
Large wallets at Paxos
December 17, 2020, Paxos announces the raising of 142 million dollars from PayPal and of Mithril Personal-Financial.com.
The American investment firm Declaration Partners, supported by the billionaire David M. Rubenstein, led the funding cycle with other renowned financial players such as RIT Personal-Financial.com Partners plc, Ken moelis, Alua Personal-Financial.com and Senator Investment Group.
Previous investors of Paxos, RFE Ventures and Liberty City Ventures, also participated in this funding round.
Paxos has now raised more than $ 240 million from investors with this Series C financing.
The CEO of Paxos, Charles Cascarilla said the funds will help the company achieve its crypto projects.
Paxos – PayPal: a giant leap (s) for the cryptosphere
A spokesperson for Paxos revealed the company’s plan to open a national bank headquartered in New York, regulated at both state and federal level.
This project is part of the continuity of the partnership of Paxos with PayPal in October 2020, to be able to provide crypto trading and custody services to the latter.
It also aims to provide a solid and trusted infrastructure for larger companies and financial institutions wishing to invest in cryptocurrencies.
The rally which allowed Bitcoin (BTC) to reach a new ATH above 24,000 USD, was originally prompted by the announcement in October 2020 by PayPal the upcoming launch of crypto services.
PayPal is today considered to be one of the major players who can boost the adoption of Bitcoin in 2021.
So 2021 will be the year of the big wallets that will take BTC to the $ 100,000 level? Paxos works to allow large investors to trade cryptocurrency with confidence. The funds raised recently will give the company the “firepower” required to meet the demands of financial institutions and large companies, especially in terms of investment security, a sine qua non for their entry into the crypto markets. This $ 142 million is also a further guarantee for the success of the Paxos – PayPal partnership and therefore, a possible massive explosion in Bitcoin adoption for the year to come.
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