It’s been just revealed that PayPal’s crypto firm Paxos raised $300 million. PayPal is just one of the big names that are promoting crypto these days.
The latest reports coming from Decrypt, note that Paxos, the New York-based firm that made its name with a stablecoin and gold-backed tokens, is quietly building a crypto infrastructure empire.
Tolday the firm announced it has raised a $300 million Series D funding round – it’s also important to note the fact that this brings the total that it’s raised to $500 million, and valuing Paxos at $2.4 billion.
In an interview with Decrypt, CEO Charles Cascarilla said the “new funding will help accelerate Paxos’s plans to scale its operations, while signaling to potential partners in the finance industry that the company will be around for years to come,” as the online publication notes.
PayPal’s crypto firm Paxos raises $300 million, plans to add major clients https://t.co/XtdSUTol3c
— unfolded. (@cryptounfolded) April 29, 2021
“Clearly, the industry has hit a different trajectory and so has Paxos,” said Cascarilla, describing the crypto world’s phenomenal growth in the last year.
Cascarilla also said that Paxos plans to add “3-5 participants on the scale of PayPal” in the coming year.
As we already noted above, PayPal is now one of the company’s flagship clients – it became like this during the last year when the FinTech giant decided to let users buy and sell Bitcoin and other cryptos on its platform.
Crypto demand is much higher than expected
In other recent news, PayPal CEO had an interesting interview with Time and addressed the future of PayPal and the super apps that are on their way already.
Check out our previous article for more details.
In the same interview with Time that’s mentioned above, Schulman said that, “Demand on the crypto side has been multiple-fold to what we initially expected,” adding that, “There’s a lot of excitement.”