Family Offices and Tech Founders Back Crypto Startups like Paxos and Alchemy

Posted on 04/29/2021

Paxos is a New York-based cryptocurrency infrastructure and white-label services platform. Paxos raised US$ 300 million in Series D funding at a US$ 2.4 billion valuation. Oak HC/FT led, and was joined by Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures, and WestCap. In December 2020, Paxos raised US$ 142 million in a Series C round from Declaration Partners, Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group, RRE Ventures, and Liberty City Ventures.

Declaration Partners is the investment firm backed by the family office of David M. Rubenstein.

Some of Paxos’ clients include PayPal, Credit Suisse Group AG, Societe Generale, and Revolut. The Paxos Crypto Brokerage is a platform solution that powers crypto services for PayPal and Revolut US.

San Francisco-based Alchemy is a blockchain developer platform. Alchemy raised US$ 80 million in Series B funding at a US$ 505 million valuation. Coatue and Addition co-led, and were joined by DFJ Growth, the Glazer family, K5 Global, the Chainsmokers, Stanford University, Coinbase, Pantera Capital, Charles Schwab, Reid Hoffman, and Jerry Yang.

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