Funding to further Paxos dramatically helping financial institutions reduce settlement risk
New York, NY – May 31, 2018 – Paxos, a financial technology company and the first blockchain-powered trust, has closed a $65 million Series B round of financing. The round is led by a consortium of existing investors including Liberty City Ventures, RRE Ventures, Jay Jordan and others. Paxos has raised a total of $93 million in capital. The company is using the new resources to significantly scale operations and further the delivery of modern day settlement solutions to the global 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,” said Charles Cascarilla, CEO of Paxos. “Over the past three years, we have focused on building the right infrastructure to enable a modern-day settlement solution that will unlock capital, mobilize assets and create value.”
“This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies,” added Andrew Chang, COO of Paxos. “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 Continues to Further Finance and Develop New Settlement Approach
- Increased Client Adoption – Paxos continues to attract client adoption of its settlement platform both in the equities and precious metals market through its technology. This marks the first time blockchain technology is being deployed on a mainstream and real-time scale with many financial institutions and market participants who are leveraging it for their settlement needs.
- Unique Offerings – Currently, Paxos enables the precious metals and securities asset classes. As the first blockchain-powered trust, Paxos is the only company that can both digitize an asset and settle a trade. This regulated trust status is an essential capability to reduce risk in the system and evolve financial infrastructure.
Paxos is a financial technology company and the world’s first blockchain-powered trust. As a modern-day settlement platform, the company’s mission is to unlock capital and create value through products that simplify settlement and eliminate risk.
Paxos Trust Company LLC, an Existing DFS Licensee, is Now Authorized to Offer Bankchain Precious Metals Platform
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services has authorized Paxos Trust Company LLC, formerly known as itBit Trust Company, to offer a permissioned, blockchain-based post-trade platform settlement service called Bankchain, and has granted a virtual currency license to Genesis Global Trading, Inc.
“New York continues to lead the nation in regulating the growing fintech industry,” said Financial Services Superintendent Vullo. “These approvals demonstrate DFS’s commitment to protecting consumers and the virtual currency market while encouraging innovation, such as the expanded use of blockchain, and providing strong regulatory oversight to new and existing market participants.”
Paxos Trust Company, a subsidiary of Kabompo Holdings Ltd., offers the Bankchain Precious Metals post-trade platform settlement service, which facilitates settlement among buyers in the “Loco London” market of gold bullion physically held in vaults recognized by the London Bullion Market Association. As itBit, Paxos was the first virtual currency company to receive a charter from DFS. The company’s plans to expand its business to include other services besides the bitcoin exchange were included as part of its charter application.
“This is a very exciting approval and we thank the DFS and Superintendent Vullo,” said Charles Cascarilla, CEO of Paxos. “We are focused on building the best infrastructure to enable a modern day settlement solution for the precious metals market that will unlock capital, mobilize assets and create value.”
NEW YORK and LONDON, Dec. 19, 2016 — Euroclear and Paxos™, a financial technology company delivering pioneering blockchain solutions, are pleased to announce the successful completion of the first pilot for Euroclear Bankchain, the new blockchain settlement service for London bullion due to go live in 2017. Over 600 OTC test bullion trades were settled on the Euroclear Bankchain platform over the course of the two-week pilot.
NEW YORK, Nov. 29, 2016 — Paxos™, a financial technology company delivering revolutionary blockchain solutions for global financial institutions, today announced the appointment of Duncan L. Niederauer, the former Chief Executive Officer of The New York Stock Exchange, to the company’s Board of Directors.
LONDON, Oct. 11, 2016 — Paxos™, a financial technology company delivering revolutionary blockchain solutions for the financial services industry, and EY, a global leader in assurance, tax, transaction and advisory services, today announced a new collaboration on the rollout of a next-generation blockchain settlement service that brings instant settlement and true DvP (Delivery versus Payment) to the gold market for the first time.
GENEVA and NEW YORK and BRUSSELS, September 28, 2016 — Paxos, a financial technology company delivering revolutionary blockchain solutions for the financial services industry, and Euroclear, one of the world’s largest settlement houses, announced today that they are working on the development of a blockchain settlement service for the gold market, called Euroclear Bankchain.
Flagship service, BankchainTM, delivers accelerated settlement times and significant cost savings