Paxos, a large cryptocurrency company and PayPal’s cryptocurrency partner, completed a massive fundraising round shortly after receiving initial approval to set up a national credit bank.

On Thursday, the company announced a new $ 300 million round of financing in Series D, which brought Paxus to a valuation of $ 2.4 billion. The new round of financing included former Paxos investors – PayPal Ventures, Advertising Partners, Mithril Capital, Senator Investment Group, Liberty City Ventures, WestCap and others.

The company said the newly raised funds will help Paxos continue to invest in enterprise-class infrastructure and increase its commitment to regulation, safety and compliance and expand operations.

Following initial approval by the Office of the Comptroller of the United States last week, Paxos also plans to establish Paxos National Trust Bank in the near future. The company has also applied to register a clearing house with the Securities and Exchange Commission and is applying for a license for a major payment institution in Singapore.

Charles Cascarella, co-founder and CEO of Paxos, said that demand for the company’s enterprise solutions has grown much faster than the company expected.

Paxos was founded in 2012 and has become a major player in the industry, allowing users to code, store, shop and settle digital assets. Paxos issues stable currencies such as the Paxos Standard, which is pegged to the US dollar, and PAX Gold, which is backed by gold.

Last year, PayPal announced a partnership with Paxos to allow users to buy, sell and store cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Paxos also helped the payment company PayPal Venmo launch cryptocurrency trading last week.