What Happened: New York-based Paxos said in a statement Thursday that it had closed a $142 million Series C funding round led by Declaration Partners — an investment firm backed by the family office of billionaire-philanthropist David M. Rubenstein.
Paxos CEO Charles Cascarilla noted that cryptocurrency and blockchain-based solution adoption by “enterprises has accelerated.”
“We are proud to count among our clients global leaders in payments, banking, trading and fintech,” Cascarilla said, ading that the clientele included PayPal, Credit Suisse Group AG CS 0.47%, Société Générale SA SCGLY 0.36% and Revolut.
Why It Matters: Paxos has raised $240 million to date. The latest investment round comes at a time when Bitcoin has hit unprecedented highs, reaching $23,642.66 on Thursday, a phenomenon the cryptocurrency community describes as reaching the “moon.”
Last month, Paxos’ cryptocurrency volumes surge 500% in a month on the itBit exchange desk.
PayPal began offering cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) to its customers in October.
In December, Paxos applied for a charter to form a national bank with the Office of The Comptroller of the Currency, saying the move would give it “flexibility” to operate across the United States.
Price Action: PayPal shares closed nearly 2.3% higher at $235.51 on Thursday and gained 0.53% in the after-hours session.