Startup Paxos raised 65 million dollars from investors
The American financial technology platform will use the funds collected to strengthen its operations
According to the international media Reuters, Paxos, an American financial technology startup, has attracted $ 65 million from investors, including venture capital firms RRE Ventures, Liberty City Ventures and private equity executive Jay Jordan.
Although the company was founded in 2012 under the name of Bitcoin Exchange itBit, it was recently renamed “Paxos”, and began to focus on the provision of services through blockchain technology. The company has a “fiduciary organization” status in New York, which guarantees some of the privileges that a bank would have, including the autonomy to take custody of conventional financial assets.
The CEO of the startup, Charles Cascarilla, explained that Paxos intends to use the funds raised to reinforce its operations, such as the provision of services based on block chains to financial institutions, and to operate digital currency exchange and safeguard itBit.
“We will use the capital to help grow the business that is largely our settlement business on the Paxos side and the exchange of crypto assets and custodian on the side of itBit”, said Cascarilla.
The system was tested with at least 16 market participants, including Citi, Société Générale, MKS PAMP Group, INTL FCStone Ltd, Barrick Gold Corporation, NEX EBS BrokerTec and ED & F Man. The pilot program saw more than 100,000 liquidations.
N. Moncada
Source: CoinTelegraph
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