BofA and Coinbase join Paxos Series D round

BofA and Coinbase join Paxos Series D round

News
July 29, 2021 by J.D. Smith
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Blockchain infrastructure platform Paxos has added Bank of America, Coinbase Ventures, Founders Fund and FTX to its recent $300 million Series D funding round. The three new investors topped up the Series D by a further $40 million. The firm has now raised more than $540 million and has a valuation of $2.4 billion. Bank

Blockchain infrastructure platform Paxos has added Bank of America, Coinbase Ventures, Founders Fund and FTX to its recent $300 million Series D funding round.

The three new investors topped up the Series D by a further $40 million. The firm has now raised more than $540 million and has a valuation of $2.4 billion.

Bank of America’s investment comes soon after the Wall Street giant joined the Paxos Settlement Service, a private, permissioned blockchain infrastructure system designed to bring greater transparency and efficiency to the US equities settlement system.

BofA joins a stellar client list that includes Credit Suisse, Societe Generale, StoneX and Revolut, as well as PayPal and its mobile payment offshoot Venmo.

Charles Cascarilla, CEO, Paxos, says: “We’re at the beginning of a technological transformation where new market infrastructure is needed to replatform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible and digital economy.”