Billionaire Rubenstein Invests in Paxos – Trustnodes

Billionaire Rubenstein Invests in Paxos


Paxos team

David Mark Rubenstein, co-founder of the The Carlyle Group private equity and asset management firm with some $200 billion in assets under management, has led a $142 million series C round in crypto platform Paxos.

Rubenstein himself is believed to be worth some $3.2 billion, with this investment made by Declaration Partners which is backed by the family office of David M. Rubenstein.

“Paxos is executing on its ambitious, long-term mission at a remarkable pace,” Brian Stern, Partner at Declaration Partners, said in a statement before adding:

“Through its relentless forward-thinking, Paxos has developed products and services that enable trusted access to digital assets, as well as dramatic efficiency and risk reduction to our traditional financial industry infrastructure.”

Paxos provides brokerage services, an exchange through itBit, custody, settlement as well as a tokenized dollar with it claiming to have as clients PayPal, Credit Suisse, Societe Generale, StoneX, Revolut and many more enterprises.

PayPal itself invested in this round as well as Mithril Capital, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, RRE Ventures and Liberty City Ventures, bringing their total fundraising to $240 million.

They provide custody and settlement for PayPal which recently began offering bitcoin buying and selling.

With this investment by Rubenstein so suggesting billionaires are now paying more attention to the growing crypto space which has significantly matured in the past two years.

In particular, considerable infrastructure has been laid out for institutional investors with some traditional trading platform providers expanding to cryptos this year in growing competition to provide bitcoin services.

That’s after growing demand by their customers who want to diversify into bitcoin to potentially increase risk adjusted returns for their portfolio.

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