Paxos Raises $300M to Expand Digital Finance Infrastructure

New York-based Paxos plans to use the funds to continue investing in its infrastructure, hire more people and add liquidity across the platform to “enhance the customer experience and increase utilization of its tokens.

article-image

Charles Cascarilla, Co-Founder and CEO of Paxos; Source: Paxos

share

key takeaways

  • The six-year-old company operates a crypto brokerage, exchange, settlement solutions and stablecoin
  • Oak HC/FT, a venture capital firm focused on fintech and healthcare companies, led the funding round

The blockchain infrastructure company Paxos has raised $300 million in Series D funding at a $2.4 billion valuation. 

New York-based Paxos plans to use the funds to continue investing in infrastructure and hiring, and add liquidity across the platform to enhance customer experience and increase token utilization.

It also plans to establish the Paxos National Trust Bank, after receiving conditional approval last week from the US Office of the Comptroller of the Currency. The company also intends to support its clearing agency registration application with the Securities and Exchange Commission and pursue the Major Payment Institution license in Singapore.

“Demand for our enterprise solutions has accelerated much faster than we could have anticipated,” Charles Cascarilla, Co-Founder and CEO of Paxos, said in a press release Thursday. “It validates our approach to providing the most innovative and regulated enterprise solutions to re-platform the financial system and create the digital economy of the future.”

The six-year-old company operates a crypto brokerage, exchange, settlement solutions and stablecoin. It’s best known today as the trust company that handles the trading and custody for PayPal’s cryptocurrency business.

Oak HC/FT, a venture capital firm focused on fintech and healthcare companies, led the funding round. Existing investors PayPal Ventures, Declaration Partners, Mithril Capital, Senator Investment Group, Liberty City Ventures and WestCap also participated.

Paxos has raised more than $500 million to date.

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Ethena Labs is leaping from its flagship synthetic dollar, USDe, to a full product suite—USDtb, iUSDe, and the Arbitrum-based Converge Chain—designed to marry crypto-native yields with TradFi-grade compliance. Our analysis shows how expanding into CME, ETF options, and tokenized Treasuries could lift protocol revenue from sub-$500 million in a bear case to several billion dollars if favorable regulation and institutional adoption align.

article-image

Doing one thing well and leaving everything else out is often what disruptive technologies do best

article-image

Why an analyst is kicking off COIN coverage with “buy” rating

article-image

“Bitcoin does not require a strong equity rally to move higher,” YouHodler markets chief Ruslan Lienkha said

article-image

President Trump’s comments that he will not look to fire Fed Chair Jerome Powell sent stocks higher in after-hours trading Tuesday

article-image

The trading card game will use Immutable’s zkEVM chain