Paxos, headquartered in New York, has raised $300 million in a Series D round, valuing the company at $2.4 billion. It raised $142 million in Series C funding a little more than four months ago. Oak led the latest round, which also included PayPal Ventures and a few other investors.

📝 #Blockchain firm Paxos raises $300 million, eyes becoming FMI#Today New York-based Paxos announced it raised $300 million in a Series D round valuing it at $2.4 billion.

More info🖋️ https://t.co/CfMPdb1rEV#bitcoin #cryptocurrencies #payments

— European Blockchain Convention (@EBlockchainCon) April 30, 2021

Paxos is best known for its blockchain, but it has major plans for payments and post-trade settlement. It has a stablecoin-as-a-service offering and provides crypto brokerage for PayPal and Venmo’s cryptocurrency offerings.

It offers nearly $10 billion in infrastructure for the Binance USD stablecoin and Huobi USD stablecoins, in addition to its own stable coin PAX standard. However, it also has a permission blockchain post-trade solution for settling stock transactions in the United States. Credit Suisse and Nomura’s Instinet recently announced that they are using the solution for T+0 settlement.

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It has applied for a Clearing Agency registration with the Securities and Exchange Commission (SEC). It is currently working under a no-action relief letter. Paxos also operates a precious metals commodities post-trade operation, claiming to have handled over $3.5 trillion in transactions.

Paxos CEO and Co-Founder Charles Cascarilla said, “Demand for our enterprise solutions has accelerated much faster than we could have expected.” “It validates our approach of delivering the most creative and controlled business solutions to re-platform the financial system and build the digital economy of the future,” says the company.

Paxos aspires to be a significant financial market infrastructure. To that end, the Office of the Comptroller of the Currency recently granted it conditional approval for a Trust Bank charter for digital assets. In Singapore, it has applied for a license as a Major Payment Institution.

With this new round of funding, the cumulative amount raised now exceeds $540 million. Declaration Partners, Mithril Capital, Senator Investment Group, Liberty City Ventures, and WestCap were among the other investors in this round.