Paxos Boosted By Liberty City Ventures, To Expand Operations

A $65 million Series B funding round led by Liberty City Ventures, RRE Ventures, and Jay Jordan was closed by blockchain startup Paxos.

Rebranded from itBit in 2016, the company has raised $93 million to date, according to a press release.

The new funds will be utilized to expand its operations and product offerings across international capital markets.

“It is a crucial time in the financial markets. We are at an inflection point to reduce the risk in our financial system and free capital trapped by an archaic settlement system,” the firm’s chief executive, Charles Cascarilla announced.

Paxos engaged in “digitizing assets and resolving deals in precious metals and securities” after the 2016 rebrand. The company was accredited by the New York Department of Financial Services previously this year as a “regulated trust to offer its post-trade settlement services in the state.”

“This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies,” said Paxos COO Andrew Chang. “We are continuing to invest in expanding our platform that simplifies our financial infrastructure, offers greater control and lays the foundation for the future.”

Paxos was previously allied to Euroclear, Europe’s largest settlement service firm. In 2017, the two companies parted ways declaring they were establishing a blockchain-based system for settling gold trades in the London’s gold market.

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