Blockchain startup Paxos has closed a $65 million Series B funding round led by current investors such as Liberty City Ventures, RRE Ventures and Jay Jordan.
The firm, which rebranded from itBit in 2016, has now raised a total of $93 million to date, according to a release. Paxos mentioned it aims to use the new funds to scale up its operations and expand item offerings across international capital markets.
“It is a crucial time in the monetary markets. We are at an inflection point to reduce the threat in our economic technique and cost-free capital trapped by an archaic settlement program,” said Charles Cascarilla, the firm’s chief executive.
Following the rebrand in 2016, Paxos moved to give solutions for digitizing assets and settling trades in valuable metals and securities. Earlier this year, the firm was licensed by the New York Division of Economic Services as a regulated trust to provide its post-trade settlement services in the U.S. state.
“This further funding will further our objectives to get rid of settlement risk and expand our solution offerings across geographies,” mentioned Paxos COO Andrew Chang. “We are continuing to invest in expanding our platform that simplifies our monetary infrastructure, offers greater control and lays the foundation for the future.”
In summer season 2017, the company’s relationship with Europe’s largest settlement service Euroclear ended, a improvement came right after the two firms mentioned they were creating a blockchain-primarily based platform for settling gold trades with the aim of placing in place new infrastructure for London’s gold market.
Paxos stated at the time it would continue the platform’s improvement and slated in an approximate date of 2018 for its launch.
Gold bar image by means of Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Published at Thu, 31 May possibly 2018 14:31:55 +0000