Blockchain infrastructure platform Paxos has closed a $300 million Series D round of funding, giving the firm behind the crypto offerings of PayPal a $2.4 billion valuation.
Oak HC/FT led the round, with participation from previous investors Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap and others.
The new funding follows a $142 million Series C round in December and brings the total amount of money raised by the firm to $500 million.
Charles Cascarilla, CEO and co-founder of Paxos, comments: "Demand for our enterprise solutions has accelerated much faster than we could have anticipated. It validates our approach to providing solutions to replatform the financial system and create the digital economy of the future."
Paxos has a steallar client list, including Credit Suisse, Societe Generale, StoneX and Revolut, as well as PayPal and its mobile payment offshoot Venmo.
The firm says it intends to use the funding to hire new staff and grow its operational capacity. It also plans to establish the Paxos National Trust Bank, support its application for a Clearing Agency registration with the Securities and Exchange Commission and pursue a Major Payment Institution license in Singapore.