Paxos, a blockchain infrastructure platform, has raised $300 million in a Series D round of funding just a few days after it received a conditional approval of the application to charter Paxos National Trust.
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According to an announcement, the funding round was led by Oak HC/FT, a venture and growth equity investment firm. Today, Paxos raised over $500 million in funding and with a valuation of $2.4 billion, the company added. Charles Cascarilla, CEO and Co-Founder of Paxos, said that demand for Paxos' enterprise solutions "has accelerated much faster" than the company initially expected.
"It validates our approach to providing the most innovative and regulated enterprise solutions to replatform the financial system and create the digital economy of the future," Cascarilla added.
With the funding, the company will accelerate growth by hiring new team members across all functions and scaling its operations. Earlier, Paxos became the first to maintain its current regulatory structure and also seek a new federal charter. As Paxos General Counsel & CCO, Daniel Burstein, noted, the OCC's approval indicates that Paxos' initial plans "meet their standards." Now, the company will execute on those plans to create the National Trust Bank.
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