Paxos which is placed in New York, unvealed the Series B round was led by a group of current investors including Liberty City Ventures, RRE Ventures, Jay Jordan in order to use the capital to ‘significantly’ scale operations and widen its presence as a blockchain settlement platform in international markets.
This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies. We are continuing to invest in expanding our platform that simplifies our financial infrastructure, offers greater control and lays the foundation for the future.
The Series B round is Paxos’ first financing campaign since its $25 million Series A round in May 2015, processing at itBit at the time. The company claimed it has now raised a total of $93 million in funding to date. Known as the first bitcoin exchange to take a New York banking license in 2015, itBit received a banking charter resemble to the Winklevoss brothers’ Gemini exchange before its rebrand to Paxos in 2016.
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.
The firm started to be based on blockchain settlement of trades in securities and precious metals (gold, etc.). In December 2016, Paxos ended a pilot with Euroclear, the biggest settlement provider of Europe, in 2 weeks involving over 600 over the counter gold bullion trades settled on the company’s’ blockchain. The New York Department of Financial Services (DFS) in May 2018, the state’s financial regulator, presented another license to Paxos in authorizing the company’s blockchain post-trade platform Bankchain as a precious metals` solution.