Blockchain startup Paxos has closed a $65 million Series B funding round led by existing investors including Liberty City Ventures, RRE Ventures and Jay Jordan.

The firm, which rebranded from itBit in 2016, has now raised a total of $93 million to date, according to a release. Paxos said it aims to use the new funds to scale up its operations and expand product offerings across international capital markets.

"It is a crucial time in the financial markets. We are at an inflection point to reduce the risk in our financial system and free capital trapped by an archaic settlement system," said Charles Cascarilla, the firm's chief executive.

Following the rebrand in 2016, Paxos moved to provide solutions for digitizing assets and settling trades in precious metals and securities. Earlier this year, the firm was licensed by the New York Department of Financial Services as a regulated trust to offer its post-trade settlement services in the U.S. state.

"This additional funding will further our goals to eliminate settlement risk and expand our product offerings across geographies," said Paxos COO Andrew Chang. "We are continuing to invest in expanding our platform that simplifies our financial infrastructure, offers greater control and lays the foundation for the future."

In summer 2017, the company's relationship with Europe's largest settlement service Euroclear ended, a development came after the two companies said they were developing a blockchain-based platform for settling gold trades with the aim of putting in place new infrastructure for London's gold market.

Paxos said at the time it would continue the platform's development and slated in an approximate date of 2018 for its launch.

Gold bar image via Shutterstock