Paxos, which backs PayPal’s cryptoservice, has raised $142 million in investment

Paxos, an issuer of Paxos Standard Stablecoin (PAX), has raised $142 million in investments from PayPal and Mithril Capital.

According to a Dec. 16 press release, U.S. investment firm Declaration Partners led the funding round with RIT Capital Partners, Alua Capital, Senator Investment Group, RFE Ventures and Liberty City Ventures.

The $142 million Series C round brings the total investment in Paxos to more than $240 million. Paxos CEO Charles Cascarilla said: “This new financing will help us accelerate our growth and continue to develop the infrastructure for the financial marketplace of the future. We want to double our staff, expand our current product solutions and create new products that companies need.”

PayPal launched its cryptocurrency service this year in partnership with Paxos, which provides the payments giant with its infrastructure for storing and trading digital assets.

Prior to the partnership with PayPal, Paxos was known as the issuer of the PAX stabocoin. Also in partnership with the cryptocurrency exchange Binance, the company issues BUSD stabelcoin.