Is Paypal driving Bitcoin to new highs?
Paypal’s cryptocurrency partner Paxos has raised $142 million in Series C funding led by Declaration Partners, an investment adviser to the family office of Carlyle Group billionaire David Rubenstein.
The round closed on November 24 and also included investments from PayPal Ventures PYPL (+2.3%) and Paxos’ previous investors RRE Ventures and Liberty City Ventures.
In total, the firm has raised $240 million in venture funding, making it one of the highest funded firms in crypto, after Circle, which has raised $271 million. The firm declined to disclose how much the investment valued the company.
Is there a correlation between Paypal’s embrace and the rise of Bitcoin’s price?
Bitcoin price December 2020
Read the full story on Forbes here.