{"id":46926,"date":"2021-07-29T18:19:37","date_gmt":"2021-07-29T15:19:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46926"},"modified":"2025-09-01T18:50:05","modified_gmt":"2025-09-01T15:50:05","slug":"bank-of-america-and-coinbase-ventures-join-paxos-as-strategic-investors","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bank-of-america-and-coinbase-ventures-join-paxos-as-strategic-investors\/","title":{"rendered":"Bank of America and Coinbase Ventures Join Paxos as Strategic Investors"},"content":{"rendered":"<p>Four major strategic investors\u2014Bank of America (BofA), Coinbase Ventures, FTX and Peter Thiel&#8217;s Founders Fund\u2014joined Paxos in its April funding round.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Big news this AM! <a href=\\\"https:\/\/twitter.com\/BankofAmerica?ref_src=twsrc%5Etfw\\\">@BankofAmerica<\/a> <a href=\\\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\\\">@coinbase<\/a> Ventures <a href=\\\"https:\/\/twitter.com\/foundersfund?ref_src=twsrc%5Etfw\\\">@foundersfund<\/a> &amp; <a href=\\\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\\\">@FTX_Official<\/a> have invested in our Series D funding round. We&#8217;re excited to have industry-leading &amp; innovative players supporting our mission to replatform the global financial system <a href=\\\"https:\/\/t.co\/eBhuLhHJ9a\\\">https:\/\/t.co\/eBhuLhHJ9a<\/a><\/p>\n<p>\u2014 Paxos (@PaxosGlobal) <a href=\\\"https:\/\/twitter.com\/PaxosGlobal\/status\/1420719978186166273?ref_src=twsrc%5Etfw\\\">July 29, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In a funding round led by Oak HC\/FT, <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-raises-300-million-from-oak-and-paypal-ventures\">Paxos raised $300 million at a $2.4 billion valuation<\/a>. The company&#8217;s CEO, Charles Cascarilla, said the fresh financing would allow it to scale the business, including through acquisitions of other industry players.<\/p>\n<p>Paxos provides infrastructure solutions to companies operating in the digital asset and blockchain space. One of the company&#8217;s largest clients is <a href=\"https:\/\/u1f987.com\/en\/news\/paypal-launches-bitcoin-buying-and-selling-for-us-users\">PayPal<\/a>.<\/p>\n<p>In July, media reports indicated that the payments system selected Paxos to manage cryptocurrency assets as part of a new service. Details of the collaboration remain unknown.<\/p>\n<p>Earlier, the company launched the Paxos Crypto Brokerage service, which enables organizations to integrate digital assets into their applications. Its first client was the fintech startup Revolut.<\/p>\n<p>Another major client of the company is BofA. In May, it <a href=\"https:\/\/u1f987.com\/en\/news\/bank-of-america-joins-paxos-settlement-blockchain-platform\">joined the Paxos Settlement Service blockchain platform<\/a>, which enables same-day settlement of securities. By comparison, the standard US stock-market settlement takes up to two days.<\/p>\n<p>For commodity trade settlements, Paxos offers the Post Trade service. As of writing, it <a href=\\\"https:\/\/www.paxos.com\/commodities\/\\\">has processed<\/a> more than 2 million transactions with a total value of over $3.5 trillion. Its services have been used by more than 250 counterparties.<\/p>\n<p>The company operates the digital asset exchange for institutional investors, ItBit. In 2020, the platform&#8217;s trading volume was $3.7 billion \u2014 slightly more than 2% of Coinbase&#8217;s corresponding figure.<\/p>\n<p>Paxos issues a line of stablecoins, including those pegged to the US dollar. Earlier, it said that Paxos Standard (PAX) and Binance Dollar (BUSD) <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-reveals-backing-for-pax-and-busd-stablecoins\">are fully backed by cash and cash equivalents<\/a>, as well as U.S. Treasury securities.<\/p>\n<p>Paxos holds a conditional license as <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-secures-conditional-national-bank-license\">a nationally chartered trust bank<\/a> and plans to obtain a license as <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-to-apply-for-clearing-agency-licence\">a clearing agency<\/a>. The Binance-issued stablecoin BUSD has been approved by the New York State Department of Financial Services.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/twitter.com\/ForkLog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Four major strategic investors\u2014Bank of America, Coinbase Ventures, FTX and Peter Thiel&#8217;s Founders Fund\u2014joined Paxos in its April funding round.<\/p>\n","protected":false},"author":1,"featured_media":46927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2027,138,1504,1133],"class_list":["post-46926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-america","tag-coinbase","tag-paxos","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=46926"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46926\/revisions"}],"predecessor-version":[{"id":46928,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46926\/revisions\/46928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/46927"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=46926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=46926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=46926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}