By
Steve Muchoki
April 17th, 2024
Blockchain infrastructure company Paxos named high-end investors such as Bank of America, FTX, Coinbase Ventures, and Founders Fund as participants of its series D funding round worth $300M.
Paxos has announced the names of three investors that participated in their Series D funding round. The funding was received from Bank of America, FTX, Founders Fund, and Coinbase Ventures among other prominent investors. The firm has successfully managed to raise $540 million and is currently valued at $2.4 billion.
In an announcement made on Thursday, the company disclosed the details regarding major investors who have made investments in Paxos.
Paxos Named BOA, Coinbase Ventures as Leading Investors in Series D Funding Round
Paxos, which is primarily a blockchain infrastructure platform, has recently announced that they have included a fresh set of Investors in their series D funding round. Bank of America, Coinbase Ventures, Founders Fund, and FTX are now included in the company’s list of investors. The participation had made Paxos one of the governing and fastest-growing fintech companies. The round was announced in April and now the company has started revealing the names of major investors who have supported Paxos.
Paxos has attracted many funding rounds that have added more value to the company’s work operations. The company systematically facilitates a network where the digital assets can be transferred instantly, and at any possible location. Paxos has now added another credible funding to their growing portfolio with the inclusion of leading investors in a Series D funding round led by Oak HC/FT. The company now intends to work and expand its scale and is currently placed at a valuation of $2.4 billion.
With this new venture, BOA has become the third bank to try the settlement service. The service has been currently facilitating internal transactions, while BOA has been conducting internal transactions on its own and will not be outsourcing that part to Paxos.
The particular service emphasizes settling trades in minutes via a simplified blockchain network. The process once initiated can take a few hours to a few days to complete a trade settlement. If BOA successfully manages to get the platform approved by the clearing agency, then the bank can directly issue the prescribed service to their customers at large.
The company’s CEO Charles Cascarilla has mentioned that Paxos intends to lead the recent tech evolution by upgrading the market infrastructure to make the digital economy more open and available to the masses.
Paxos is a vital blockchain infrastructure platform that has been revolutionizing the way payments are conducted. The platform utilizes the power of blockchain to tokenize and instantly trade digital assets. The company’s profile includes many leading clients and spans a portfolio accommodating funding raised through major investment giants amounting to $500 million.