Paxos raises $300 million to build a cryptocurrency infrastructure giant
Paxos has raised a $300 million Series D funding round led by Oak HC/FT, TechCrunch reports. With today’s funding the round, the company is now valued at $2.4 billion. The company has been building infrastructure and white-label services for enterprise clients that want to offer cryptocurrency products to their own customers.
In particular, Paxos has partnered with PayPal for its cryptocurrency features. Since October 2020, PayPal customers have been able to buy, hold and sell a handful of crypto assets — Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Venmo, a PayPal subsidiary, added the same cryptocurrency features just a few days ago.