Blockchain startup Paxos has completed a financing round of series B in the amount of $65 million. The main funds were raised from previous investors, Liberty City Ventures, RRE Ventures, and Jay Jordan.
According to the statement, the company, which up to 2016 was called itBit, today received the development of a total of $93 million. Paxos said it plans to use the new funds to expand operations and product lines in the international capital markets.
«Now the financial markets are entering a decisive moment. Soon we will reach a tipping point when it will be necessary to reduce the risks in our financial system and to resolve issues with the free capital, captured by the archaic settlement system,» said Charles Cascarilla (Charles Cascarilla), CEO of Paxos.
After rebranding in 2016, Paxos beginning to offer solutions for the digitization of assets and settlement of transactions with precious metals and securities. Last year the firm has received
a license from the Department of financial services new York to work as the control trust, which can provide services for post-trading settlements on the territory of the state.
«This additional funding will contribute to achieving our goals to eliminate settlement risk and to expand our product line in different geographical regions», — said the Executive Director of the Paxos Andrew Chang (Andrew Chang). «We continue to invest in the expansion of the platform, which simplifies our financial infrastructure, provides greater control and lays the Foundation for the future.»
In the summer of 2017 the company’s relationship with Europe’s largest settlement service Euroclear ended shortly after the two firms stated that they develop
the platform based on blockchain for settlement of gold transactions and the creation of new infrastructure for the London gold market. In April last year, the company completed the second phase of testing the platform in the course of two days was held more than 100 000 transactions in securities.
After the termination of cooperation with Euroclear Paxos said he will continue working on the platform of their own called the end of 2018 as the estimated launch date for the site.