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“We will use the capital to help grow the business which is broadly our settlement business on the Paxos side and the crypto asset exchange and custodian on the itBit side.”
This was CEO Charles Cascarilla’s statement after Paxos managed to accumulate a $65 million investment fund.
Among the investors who threw their hats in the ring were venture capital firms Liberty City Venture and RRE Ventures, as well as private equity executive Jay Jordan, according to Cointelegraph. Founded in 2012, Paxos initially operated as a Bitcoin exchange named itBit. The firm later went through a rebranding phase, changing its name to Paxos in 2016 and focusing on providing services using blockchain tech.
The company possesses some privileges similar to a bank as it holds a trust company based in the state of New York. This also enables them to take custody of general financial assets.
The $65 million funding is going to be allocated to the scaling of operations like providing services to financial sectors using blockchain technology, as well as stimulating the transactions of its digital currency exchange.
Cascarilla admitted that they’ve been funneling funds to these operations for the past nine months and are planning to roll out more products as the company moves forward. He added that the advent of blockchain was the catalyst that spurred the financial market to change.
"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 chief executive said. He went on to say that the additional investments will be a key element in eliminating settlement risks and expanding their products to other areas.
His sentiment about the transformation of the financial industry is echoed by famed master forger turned security advisor Frank Abagnale. He said that because of the innate advantages present in the blockchain design, banks will transition themselves into the crypto space lest they get left behind by those who will.
