Dollars pouring in to the crypto sphere

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Paxos, a regulated blockchain infrastructure with aims to create an open financial ecosystem, has raised $300 million in a funding round. Paxos also powers the cryptocurrency services of PayPal and PayPal-owned Venmo. PayPal and Venmo, together, enables millions of users to trade cryptocurrencies – all through Paxos.

The series D funding brought the valuation of the company to a whopping $2.4 billion. The round was funded by Mithril Capital, Senator Investment Group, Declaration Partners, PayPal Ventures, Liberty City Ventures among others.

CEO of Paxos Charles Cascarilla had commented that the demand for the company’s services and products has skyrocketed. The funds raised will be used to invest in the development of blockchain and cryptocurrency infrastructure to fulfill the company’s mission of a new and open financial ecosystem. Paxos has ambitious plans of achieving its goals and it is heading straight in that direction. Paxos recently got preliminary approval for the creation of a national trust bank.

 In another corner of the world, German securities marketplace Deutsche Boerse and the major bank Commerzbank have announced an investment worth of $12 million into a new crypto venture, 360X for the development of a marketplace for NFTs. The German securities marketplace and Commerzbank have a history of partnering together for cryptocurrency-related projects. Deutsche Boerse revealed the marketplace has invested $12 million with a stake of 50% while Commerzbank owns a lesser stake in 360X.

The announcement of Deutsche Boerse marks the official launch of 360X. 360X is set to focus on art and real estate initially. The network will also support the trade of non-fungible tokens. The model of 260X is said to be highly scalable and, hence, the project will expand to various other asset classes in the future.

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