Paxos the cryptocurrency partner of
Paypal Holdings Inc (NASDAQ:PYPL) has raised millions of dollars in a private funding round in the backdrop of Bitcoin shooting to never-seen-before highs.
What Happened: New York-based Paxos said in a statement Thursday that it had closed a $142 million Series C funding round led by Declaration Partners an investment firm backed by the family office of billionaire-philanthropist David M. Rubenstein.
Other participating investors included Mithril Capital,
PayPal Holding Inc’s (NASDAQ:PYPL) venture capital arm,
RIT Capital Partners plc (OTC:RITPF), RRE Ventures, and Liberty City Ventures.
Paxos CEO Charles Cascarilla noted that cryptocurrency and blockchain-based solution adoption by “enterprises has accelerated.”
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Bitcoin prices pulled back from their all-time highs above $23,000 on Friday, but the
Grayscale Bitcoin Trust (OTC: GBTC) traded higher by 1.7% on investor optimism that the huge 2020 bitcoin rally will spill over into 2021.
Former hedge fund manager Whitney Tilson predicted the bursting of the bitcoin bubble back in 2017, but Tilson has a different take on the cryptocurrency this time around. On Friday, Tilson said he doesn t recommend shorting bitcoin or any other cryptocurrency, even at all-time highs.
Back in 2017, Tilson said bitcoin was demonstrating signs of a classic market bubble. One of the biggest red flags at the time was the type of investors that were asking questions about bitcoin. Tilson noted that 2017 bitcoin investors were among the “least-knowledgeable investors imaginable.” This time around, Tilson said much more mainstream investors and firms are involved in the bitcoin rally, which suggests the 2020 gains may be more likely to hold.
Bitcoin Price Hits All-Time Max of $23,400, What s Next? coinspeaker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coinspeaker.com Daily Mail and Mail on Sunday newspapers.
Cryptocurrency exchange Coinbase confirmed Thursday it filed for an IPO.
What Happened: Coinbase announced in a blog post it has confidentially submitted its registration for an IPO by filing its S-1.
Coinbase last raised funds in 2018 at an $8 billion valuation. The company was valued at $1.6 billion in 2017.
Investors in the company include Tiger Global, Andreessen Horowitz, New York Stock Exchange, BBVA and former
Citigroup (NYSE:C) CEO Vikram Pandit.
Why It’s Important: The IPO of Coinbase comes as Bitcoin prices hit all-time highs and crossed $20,000 on Wednesday.
This would mark the first major U.S. cryptocurrency exchange to go public and could be a landmark victory of bringing cryptocurrency more mainstream.