Crypto firm Paxos raises $142 million in latest funding round

FILE PHOTO: Representations of Bitcoin and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic

(Reuters) - Cryptocurrency firm Paxos said on Thursday it raised about $142 million from its series C round of funding from investors including Paypal Ventures, Declaration Partners and Ken Moelis among others.

The New York-based company, which provides blockchain-based services to financial institutions and operates a cryptocurrency exchange, has raised more than $240 million in funding so far.

It counts Credit Suisse, Societe Generale, StoneX, Revolut and more among its clients.

“In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated,” said Charles Cascarilla, co-founder and chief executive officer of Paxos.

PayPal in October partnered with Paxos to allow customers to store and shop using Bitcoin and other virtual coins through its online wallet.

Bitcoin on Wednesday crossed the $20,000 mark against the U.S. dollar for the first time, highlighting the rising popularity of cryptocurrencies around the world.

Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M.