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The blockchain platform announced it had raised $142 million in its latest funding round, bringing the total investment into the company to $240 million.

According to a press release published on 17 December, the investment round was led by Declaration Partners, an investment firm backed by the family office of David M. Rubenstein.

Paxos’s Series C saw investments from PayPal, Mithril Capital, RIT Capital Partners, Ken Moelis, and Alua Capital, as well as previous investors RRE Ventures and Liberty City Ventures. 

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The firm said it would use the raised capital to develop enterprise-grade infrastructure solutions. To meet the demands of its growing user base, the company will scale its operations and double its team. 

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

He explained that Paxos is uniquely positioned to address the digital needs of global brands, which is why many enterprises with trillions in assets and billions of end-users chose to engage with the platform.

This year, the company issued more than $7.5 billion in stablecoins and launched Paxos Crypto Brokerage, a platform that provides crypto services to PayPal and Revolut. It also became the first company to settle U.S. equity trades on a blockchain and counts global banking giants Credit Suisse and Societe Generale among its partners. 

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