By Hassan Mehmood (Saudi Arabia)
Paxful, the company behind stablecoin, has raised a total of $142 million in the funding round as a result of funding from big names, including payment giant PayPal.
Investors Included in Funding Round
Declaration Partners, the US-based investment company is a leading entity in running the funding round. Billionaire David M. Rubenstein is another prominent figure who has a significant role in the backing of the investment round supported by PayPal. Other investors include Mithril Capital, Senator Investment Group, RIT Capital Partners plc., Alua Capital, Liberty City Ventures, Ken Moelis, and RFE Ventures.
After the successful completion of Series C Round ($142 million), the stablecoin operator has collected $240 million so far. Charles Cascarilla, CEO of Paxos, has expressed his views about the latest funding and claimed that the money will be invested in future goals set by the firm for stablecoin and overall crypto space. He said:
“Our Series C funding will help us continue building financial market infrastructure of the future and accelerate our growth. We want to double the size of our team, expand our current product solutions and build new products that enterprises need. We’ll do this all while remaining 100% committed to regulation, reliability and security.”
Also read:Cascarilla told about the three major goals of the firm for the next year in the blog post. The foremost goal of the company is to work over rolling out tokenized assets because it is the future. It is already providing dollar and gold in tokenized forms to its customer base. The second major target is to expand the team to 100 to tackle different responsibilities “including engineering, product, marketing, compliance, operations, legal, data and HR.”
It is a third goal of the company to become a trusted company in order to win the trust of global institutions. For this purpose, it has filed a request in the concerned regulatory authority to get a “national trust bank charter.” Stablecoin issuer is trying to become a “Federally-charted bank” to catch globalized financial institutions and companies.
Paxos is also offering crypto custody services besides trading as it is partnered with PayPal who has a plan of creating an environment where people can process transactions in digital currency with ease.
After PayPal’s integration, the company has witnessed enormous growth and the latest investment funding rounds are a result of this.
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