NEW YORK, May 31, 2018 /PRNewswire/ -- Paxos, a financial technology company and the first blockchain-powered trust, has closed a $65 million Series B round of financing. The round is led by a consortium of existing investors including Liberty City Ventures, RRE Ventures, Jay Jordan and others. Paxos has raised a total of $93 million in capital to date. The company is using the new resources to significantly scale operations and further the delivery of modern day settlement solutions to the global capital markets.
"It is a crucial time in the financial markets. We are at an inflection point to reduce the risk in our financial system and free capital trapped by an archaic settlement system," said Charles Cascarilla, CEO of Paxos. "Over the past three years, we have focused on building the right infrastructure to enable a modern-day settlement solution that will unlock capital, mobilize assets and create value."
"This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies," added Andrew Chang, COO of Paxos. "We are continuing to invest in expanding our platform that simplifies our financial infrastructure, offers greater control and lays the foundation for the future."
Paxos Continues to Further Finance and Develop New Settlement Approach
- Increased Client Adoption - Paxos continues to attract client adoption of its settlement platform both in the equities and precious metals market through its technology. This marks the first time blockchain technology is being deployed on a mainstream and real-time scale with many financial institutions and market participants who are leveraging it for their settlement needs.
- Unique Offerings – Currently, Paxos enables the precious metals and securities asset classes. As the first blockchain-powered trust, Paxos is the only company that can both digitize an asset and settle a trade. This regulated trust status is an essential capability to reduce risk in the system and evolve financial infrastructure.
Paxos is a financial technology company and the world's first blockchain-powered trust. As a modern-day settlement platform, the company's mission is to unlock capital and create value through products that simplify settlement and eliminate risk.