Earlier today, PayPal’s crypto partner, Paxos, announced that it had completed its latest Series D funding round, which successfully raised $300 million, thus, putting the crypto firm’s total valuation at over $2.4 billion. According to the reports, Paxos’ new funding round was led by some of the firm’s most recognizable investors, namely PayPal Ventures, Liberty City Ventures, Mithril Capital, Westcap, and more.
Notably, Paxos’ latest funding round came after it received the OCC’s approval to establish a national trust bank this past week.
As per Charles Cascarilla, the CEO of Paxos, the funds raised will most likely be used to help expedite the firm’s underlying plans to revamp its operations. On top of that, Cascarilla believes that the latest round of funds signals to its potential finance industry partners that Paxos is still going strong and shall be thriving in the future. While Paxos’s positive developments are certainly most welcome, Cascarilla admits that they did not anticipate this much growth on their enterprise solutions for such a short period of time.
That may be, Cascarilla states that Paxos is still not profitable, primarily due to the near-zero interest rate space it currently operates on. This means that it can make only a little money despite the staggering amounts of cash and commodities it hereby holds. Considering the elevated demand the company is currently receiving from its enterprise solutions; however, it may not be that long now before Paxos do start earning substantial money regularly.