Bitcoin Daily: Blockchain Hits 25M Wallet Milestone, Crypto Startup Paxos Notches $65M In Funding


Crypto startup Paxos has notched $65 million in funding to expand its operations, Reuters reported. Investors included Liberty City Ventures and RRE Ventures, along with Jay Jordan.

“We will use the capital to help grow the business, which is broadly our settlement business on the Paxos side, and the crypto asset exchange and custodian on the itBit side,” CEO Charles Cascarilla told Reuters.

In other news, Blockchain has hit a milestone: The crypto company now counts 25 million customer wallets on its platform, Yahoo Finance reported. And that figure is almost double the size of Coinbase’s user base, which stood at 13 million in November. In comparison to both platforms, TD Ameritrade has 11 million accounts, while Charles Schwab has nine million accounts.

Over the past couple of months, Blockchain has “experienced unprecedented growth,” a company executive said. To date, the company has notched $70 million in funding.

And ImToken Pte., a Chinese crypto wallet app startup, has attracted a $10 million investment from IDG Capital, Bloomberg reported. The company, which has brought in four million users and stores $35 billion in assets, developed an early crypto wallet for the Ethereum blockchain.

“We noticed very early the potential of Ethereum and focused on it to differentiate against competitors,” ImToken founder Ben He told Bloomberg. “The growth has been completely organic. We didn’t have any marketing or promotional budget.”

In other news, Bank of England Governor Mark Carney pondered the possible roles of central banks in terms of digital currencies, Bloomberg reported. “Is our role going to be changing the payment systems and helping private providers of digital money, or will we go all the way to a central bank-issued digital currency?” Carney asked in a Riksbank interview published on Thursday. “This is one of the most exciting and important areas. And certainly the most important area to get right.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.