Today New York-based Paxos announced it raised $300 million in a Series D round valuing it at $2.4 billion. It raised $142 million for its Series C a little over four months ago. Oak led the latest round with participation from PayPal Ventures and several others.
While Paxos is best known in the cryptocurrency world, it has big ambitions in payments and post-trade settlement. It provides crypto brokerage for the PayPal and Venmo cryptocurrency offerings and has a stablecoin-as-a service offering. Apart from its own stablecoin PAX standard, it provides the infrastructure for the Binance USD stablecoin and Huobi USD stablecoins to the tune of almost $10 billion.
But it also has a permissioned blockchain post-trade solution to settle U.S. stock trades. Nomura’s Instinet and Credit Suisse recently disclosed using the solution for T+0 settlement. It has applied to the Securities and Exchange Commission (SEC) for a Clearing Agency registration and is currently operating under a no-action relief letter. Plus Paxos runs a commodities post-trade service for precious metals and claims to have processed more than $3.5 trillion in transactions.
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