Paxos collects $65m in Series B to support global expansion

Paxos, a blockchain-powered trust, has collected $65m in its Series B round led by a consortium of investors.

Backers to the round included Liberty City Ventures, RRE Ventures, and Jay Jordan, among others. This new wave of capital has brought its total funding to $93m.

Paxos is a blockchain-powered trust that aims to lower settlement risk within the financial industry. The technology is adopted within the equities and precious metal markets to digitise and settle the asset trades.

The regulated platform, which can be integrated with current systems, helps to settle assets and payments simultaneously to help eliminate risk. Its service automates the trade process, eliminates operational cost and helps to lower fee structures.

This equity line will be used to scale Paxos’ operations and further the deployment of its solutions to more global markets.

Paxos CEO Charles Cascarilla said, “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. Over the past three years, we have focused on building the right infrastructure to enable a modern-day settlement solution that will unlock capital, mobilize assets and create value.”

Liberty City Ventures has previously invested into the accounting, audit and tax software solution Libra’s $7.8m Series A round, late last year. The company raised the capital to support the release of new solutions.

Another FinTech deal completed by Liberty late last year was a contribution to BRD’s $7m funding round. BRD has since closed another round of funding, picking up $32m to support the implementation of its new service Augustus.

Copyright © 2018 FinTech Global

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