Blockchain Firm Paxos Valued at $2.4 Billion on New Fundraising
- Startup receives $300 million from investors led by Oak HC/FT
- Funds in part to be used to support firm’s national trust bank
Paxos caters to institutions including PayPal and Credit Suisse.
Photographer: Thomas Trutschel/Getty Images
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Paxos Trust Co., a blockchain startup that caters to financial institutions including PayPal Holdings Inc. and Credit Suisse Group AG, is valued at $2.4 billion after raising $300 million from investors.
The New York-based firm will use the new cash to hire more employees and add to its working capital, Chief Executive Officer Chad Cascarilla said in an interview. The capital may also be used for acquisitions, though none are planned, he said.