Billionaire Rubenstein Invests In PayPal’s Crypto Partner Paxos
David Mark Rubenstein, co-founder of private equity and asset management firm The Carlyle Group, which manages $ 200 billion in assets, led the series C funding for the Paxos crypto platform, which raised $ 142 million.
He is believed to have a net worth of around $ 3.2 billion. The cryptocurrency patform was invested through Declaration Partners, supported by Rubenstein’s family office. “Paxos is fulfilling its ambitious, long-term mission with remarkable speed,” Brian Stern, partner at Declaration Partners, said in a statement.:
“IN ADDITION TO DEVELOPING PRODUCTS AND SERVICES THAT PROVIDE RELIABLE ACCESS TO DIGITAL ASSETS, PAXOS HAS SIGNIFICANTLY ADDED EFFICIENCY AND REDUCED RISK TO OUR TRADITIONAL FINANCIAL SECTOR INFRASTRUCTURE THANKS TO ITS RELENTLESS FORWARD THINKING.”
According to TrustNodes, Paxos has clients such as PayPal, Credit Suisse, Societe Generale, StoneX, Revolut. It also offers an exchange, retention, settlement services through itBit, and brokerage services with tokenized dollars.
PayPal, along with Mithril Capital, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, RRE Ventures and Liberty City Ventures, also contributed to the investment in this round. Thus, the total funding raised along with Series C increased to $ 240 million.
Institutions ‘ interest in cryptocurrencies is growing
The Platform offers a storage service for PayPal, which recently began providing Bitcoin trading.
With this investment from Rubenstein, it is suggested that billionaires are now paying more attention to the growing field of crypto, which has matured significantly over the past two years. An important infrastructure has been created, especially for institutional investors, and some institutions that provide traditional trading platforms have stepped into the crypto field this year amid growing competition to provide Bitcoin services. The move comes amid a surge in demand from customers looking to invest in Bitcoin, whose portfolios are adjusted for risk, potentially boosting returns.