Paypal’s Crypto Partner Paxos Raises $142 Million From Carlyle Billionaire David Rubenstein And Others

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 includes 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.

New York City-based Paxos was founded in 2012 under the name itBit. It was among the first bitcoin startups to operate as a regulated trust company, offering custody services for U.S. customers under New York banking law. In October, payment giant Paypal launched a cryptocurrency trading service in partnership with Paxos, letting customers buy and spend bitcoin.

“Our pipeline has expanded very significantly from having been in the millions of customers maybe a year ago to, now, billions of customers through partnerships,” says Paxos’ CEO and co-founder Charles Cascarilla.  “That is partly why we need to raise this capital, to really take advantage of the growth opportunities.”

PROMOTED Japanese Visionary Women BrandVoice | Paid Program Innovations Incorporating Traditional Japanese Crafts Into Modern Life UNICEF USA BrandVoice | Paid Program Inclusive Learning Opens Doors For Students With Disabilities In Indonesia Civic Nation BrandVoice | Paid Program My Experience Serving As An Election Judge

As part of the investment, the company plans to develop new products that help institutional clients track traditional assets like securities and commodities on a blockchain, a process called tokenization. “We always want to be able to think of other ways that we can grow our business, including, potentially, acquisitions and new hires,” adds Cascarilla. Part of the capital raise will be invested in regulatory infrastructure, which Cascarilla cites as one of the key reasons for Paxos’ success with onboarding strong institutional clients, such as PayPal and Credit Suisse CS +0.4%.

The investment news comes the day after bitcoin breached the $20,000 mark for the first time ever. Paxos likely played a role in cryptocurrency’s meteoric rise over the second half of the year. On October 21, PayPal announced its entry into the cryptocurrency market by integrating Paxos’ API-based crypto brokerage service and giving its 350 million customers access to bitcoin and a handful of other cryptocurrencies.

MORE FOR YOUWho Are The Biggest Businesses In Blockchain? Forbes Blockchain 50 Call For Nominations, 2021Visa Partners With Ethereum Digital-Dollar Startup That Raised $271 MillionHow To Track Official Election Results On Ethereum And EOS

PayPal’s embrace of crypto coincided with bitcoin’s rally, and some analysts have even expressed the view that the online payment giant is actually fueling the spike. Earlier in July, the American division of the U.K.-based fintech firm Revolut integrated Paxos’ technology into its app, enabling the fintech’s customers in 49 U.S. states to buy, hold, and sell bitcoin and ether. 

Paxos however shies away from positioning itself as a purely crypto-native venture, stating its commitment to provide infrastructure for multiple asset classes. In February, the firm facilitated what it describes as the first live application of blockchain technology for U.S. listed equities when Credit Suisse and Nomura Instinet began using the startup’s technology to settle equity trades. 

Paxos Settlement Service is a private, permissioned blockchain network allowing two parties to bilaterally settle securities trades directly with each other without using a middleman. In September, French banking giant Societe Generale became the third broker-dealer utilizing the service. To date, 15,000 trades worth approximately $75 million have been settled on the platform. 

On December 8, Paxos filed an application for a national trust bank charter with the Office of the Comptroller of the Currency (OCC), a regulatory agency that supervises banks and branches and agencies of foreign banks. If granted, Paxos could become the first custodian of digital assets to be regulated at both the state and federal levels. In 2015, it obtained a trust charter from the New York State Department of Financial Services (NYDFS) to become one of the first regulated companies in the state to offer crypto products and services. Follow me on Twitter or LinkedIn

Nina Bambysheva

Nina Bambysheva

I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from New York University Abu Dhabi with a degree in economics and Columbia University’s Graduate School of Journalism, where I focused on data and business reporting.

.

.

Cryptology News

The partnership announcement between the payments giant PayPal and the issuer of the major stablecoin Paxos Standard Token (PAX) might reportedly be made this week. PayPal is planning to bring crypto trading to its user base and has chosen New York-based Paxos to handle the new service’s supply of digital assets, reported CoinDesk, citing “two people familiar with the matter.”As for which cryptoassets PayPal would include in its rumored crypto trading option is not yet known and might be revealed with the official announcement of the partnership itself.

All data is taken from the source: http://cryptonews.com Article Link: https://cryptonews.com/news/paypal-an… #paypal #newswomen #newstodaybbc #newsworldabc #newstodayfox #newsworldwide

PayPal CEO Dan Schulman Explains His Strategy For Investing In Employees’ Financial Health

Last year, PayPal PYPL -0.2% CEO Dan Schulman commissioned a study to understand how many of his employees were financially strapped. “I was almost positive the response would be, ‘No, we’re not, because you’re paying so well,’” Schulman said Wednesday at Forbes’ JUST 100 virtual summit. Internal research had shown that staff salaries were at or above market rates.

But the study’s results painted a different picture. “In all of our call centers and among our entry-level employees—more than 10,000 people inside of PayPal—two-thirds of that employee base struggled to make ends meet. That was such a huge wake-up call for me,” he said. 

Hedge fund manager and philanthropist Paul Tudor Jones II spoke on the panel with Schulman and noted that, for every year he has done research for the JUST 100 list of the most responsible public companies, “The number-one element of what makes a just company is pay and living wage.” The research polls thousands of Americans to identify what factors they deem most important in defining fair corporate behavior.

In October 2019, Schulman responded to the troubling survey results by lowering the cost of healthcare for employees by 60%. He gave every worker equity in PayPal, raised salaries and rolled out a financial education program to encourage saving. The changes reportedly cost tens of millions of dollars.  Recommended For You

Then PayPal did another poll to see if the changes had an impact. “Employees were four times more engaged, and three times less likely to leave the company,” Schulman said.

Higher morale creates a workforce that serves customers better and leads to better shareholder returns, the CEO believes. His company’s stock has risen nearly 90% this year, reaching a market value of $235 billion. “This idea that making a profit and having a purpose as a company are at odds with each other is fundamentally wrong. I actually think if you don’t have a purpose as a company, you don’t see your workers as your most valuable asset and you minimize your profitability.”

PROMOTED UNICEF USA BrandVoice | Paid Program Fighting COVID-19 In Venezuela With Soap And Water And Expertise Grads of Life BrandVoice | Paid Program Creating A Culture Of Inclusivity: A Spotlight On Atlassian & Genesys Works Civic Nation BrandVoice | Paid Program This Is What College Voter Engagement Looks Like Right Now Follow me on Twitter or LinkedIn. Check out my website. Send me a secure tip

Jeff Kauflin

Jeff Kauflin

I cover fintech, cryptocurrencies, blockchain and investing at Forbes. I’ve also written frequently about leadership, corporate diversity and entrepreneurs. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. I’m a graduate of Middlebury College and Columbia Journalism School. Have a tip, question or comment? Email me jkauflin@forbes.com or send tips here: https://www.forbes.com/tips/. Follow me on Twitter @jeffkauflin. Disclosure: I own some bitcoin and ether.

.

.

PayPal reported a record amount of new active accounts added to its platform in April, but it saw a drop in quarterly profit as the Covid-19 pandemic weighs on consumer spending. PayPal President and CEO Dan Schulman, joins “Squawk Box” to discuss.

For more coronavirus live updates: https://www.cnbc.com/2020/05/04/coron… For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

.

.

This App Lets You Build a Fully Functioning Website in Seconds

1

Any entrepreneur worth their salt knows you need a to make your brand stand out and help your business scale. help generate new business, simplify your operations, and give you greater standing in your community and with your customers. However, not everyone has the to build a website from scratch, nor the capital to enlist a web designer when you’re just starting out. There are better solutions out there. Take, for instance, Sourcery Website Builder.

Sourcery is a simplified website builder that helps you create complete websites from scratch that are fully customized for your business. All you have to do is type your company name, connect your social profiles, and Sorcery will craft your website and keep it updated, optimized, and relevant automatically. It takes literally seconds to set up your website, which is why Sourcery was named a #5 Product of the Day on Product Hunt.

728x90

Sourcery is an appropriate name because it does sort of feel like magic. The program learns about your visitors through your public data and social profiles, automatically mining that data to keep your site fully relevant. Its instant setup and intelligent designs let you optimize your site manually and generate SEO-optimized, mobile-ready content in an instant. Your site is automatically listed in searches, is completely ad-free, and supports unlimited traffic and sales.

Sourcery also provides additional features like a Contact Us form, your operating hours, products and services offered, a public with events, and even reviews. You can collaborate on site with multiple users and view basic site right in the primary dashboard.

There may be no easier or affordable way to get your business online. A lifetime subscription to Sourcery Website Builder is just $39.99 today.

Source: https://www.entrepreneur.com

An overview of the 6 website builders I recommend: Squarespace, Shopify, Webflow, Carrd, Weebly and Wix. Watch until the end to see my pricing comparison. My work is supported by affiliate commissions— so I may earn a commission from the links in the video description.

PayMember – How To Protect Your Files, Articles, Videos Using PayPal &  Allow VERIFIED PayPal Customers Access | Online Marketing Tools

Do you want to have to spend hours learning how to use a software? Do you want to have spend hours more configuring and integrating everything? Nope, not me either!

And what happens if you don’t want to use WordPress anyway? Most membership site software only comes in the form of a WordPress plugin…

Don’t worry, PayMember is here to HELP!

Unlike other membership site software. PayMember is not expensive..

We are currently selling for just ONE LOW Fee. No subcription required, get full access for one payment today.

PayMember is EASY To Use

 

You literally just have to enter the URL of the content page you want to protect and click a button. EVERYHTING on the page, text, download files, images, videos are all protected for you just like that!

 

PayMember Works On ANY KIND Of Site

Paymember is a SAAS app that lets you protect any kind of content (files, videos articles etc) on ANY kind of site. You don’t need to use WordPress!

 

Step 1 : Add a Campaign

Click a button to create a new campaign for the content page you want to protect.

 

Step 2 : Enter the URL of the webpage you want to protect

You can protect any page on any site. Just enter the URL into PayMember and EVERYTHING on that page, including any download links is fully protected, and only verified customers, who have paid money into your paypal account, will get access.

 

Step 3 : Enter the name of your protected content ( to identify it in your Paypal transactions), and click a button!

PayMember works by looking up your PayPal transactions to make sure only customers who have PAID you get access to your content. So all you need to do is enter the name of your content to identify it in Paypal, and then your content is protected for you.

Source: PayMember – How To Protect Your Files, Articles, Videos Using PayPal &  Allow VERIFIED PayPal Customers Access | Online Marketing Tools

%d bloggers like this: