Paxos, a blockchain startup with PayPal Holdings as a client, announced the recent conclusion of a Series D fundraising round.
According to company CEO Charles Cascarilla, the funding session led by growth equity investment firm Oak HC/FT saw $300 million infused into the New York-based firm.
Other investors include PayPal ventures, Declaration Partners, Mithril Capital, and others.
Paxos Valued At $2.4 Billion Following Latest Investment
The crypto company is now worth $2.4 billion, per an official release.
According to Paxos, the new funds will be used to accelerate the growth of its financial market infrastructure platform. Paxos would also use the additional funding to ramp up recruitment across major departments.
Also, additional liquidity would be added to the platform to improve their customer experience and increase the use of their on-chain tokens.
Cascarilla said that demand for Paxos’ enterprise solution had grown exponentially in the past year in speaking with the funding round.
He ties this down to the company’s approach in providing the most innovative and regulated enterprise solutions to aid the development of a digital economy.
Following this new funding round, Paxos plans to establish a National Trust Bank af