Bank of America, Coinbase, FTX Invest in Paxos Series D Funding Round

Bank of America, Coinbase, FTX Invest in Paxos Series D Funding Round

THELOGICALINDIAN - Paxos a blockchain casework and tokenization close has added Coinbase Ventures FTX Bank of America and Founders Fund as backers in its Series D allotment annular that started aftermost April These institutions were listed as cardinal investors but the amounts of their contributions were not appear Paxos has now aloft added than 540 actor in funding

Bank of America, FTX, and Coinbase Invest in Paxos

Two arch cryptocurrency exchanges and the second-biggest U.S. coffer invested in Paxos, a New York-based blockchain basement close that focuses on alms allowance and tokenization casework to added acceptable firms. Coffer of America, FTX, and Coinbase alternate as “strategic investors” in the latest Series D allotment annular that the aggregation started aftermost April.

The absorption of Coffer of America in the close is not strange. The aggregation included the coffer in its Paxos Settlement services, a blockchain belvedere that allows third parties to achieve disinterestedness transactions. But for it to advance in Paxos agency that they see a approaching back blockchain technology is added present and acclimated in affiliation with acceptable banking institutions. About this, Paxos CEO Charles Cascarilla stated:

This Series D allotment annular additionally featured the accord of important investments from companies like Paypal Ventures and Mithril Capital, adopting added than $300 million.

Stablecoin Controversy

The close states it has an bend over added aggressive firms: the advantage of actuality a absolutely adapted platform, accepting acquired the New York State Department of Financial Services (NYDFS) issued Bitlicense in October 2024. Some of its barter are PayPal, Bank of America, Credit Suisse, Societe Generale, and Revolut.

Paxos is additionally the babysitter and issuer of two stablecoins in the market: Binance USD and Paxos Standard. The aggregation appear the assets abetment its stablecoins aftermost anniversary and had acrid criticism for added companies that don’t aback their stablecoins 100% with banknote or banknote equivalents. Its CCO Dan Burstein alleged out these organizations advertence no regulator would acquiesce these behaviors.

Paxos is additionally absorbed in bond blockchain and acceptable accounts markets by itself. Last year, it received a Preliminary Conditional Approval for a US Bank Charter, from the Office of the Comptroller of the Currency (OCC), for active its own cyberbanking business.

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