Blockchain startup Paxos has raised $65 million in a Series B financing round, bringing the total funding till date to $93 million.

The latest round was led by a consortium of existing investors including Liberty City Ventures, RRE Ventures, Jay Jordan and others.

Paxos plans to use the new funding to significantly scale operations and further the delivery of modern day settlement solutions to the global capital markets. It aims to build products to simplify settlement and eliminate risk.

"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 recently received the approval from the New York Department of Financial Services (NYDFS) to offer a permissioned, blockchain-based post-trade platform settlement service – Bankchain. Formerly itBit, Paxos offers 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.