Friday, December 18, 2020

Rubenstein's Declaration Partners Goes Crypto with Paxos

Carlyle Group co-founder David Rubenstein invested in blockchain and cryptocurrency play Paxos.  Rubenstein used his family office Declaration Partners, the lead partner in Paxos Class C funding.  The mover came after selling over 10% of his Carlyle Group holdings in the last month.

Rubenstein and The Carlyle Group used both Red and Blue political parties to grow their fortunes.  Red Team supporter Peter Thiel recently made big money with Palantir's IPO.  He hopes to repeat that with his Paxos investment. 

Prior to the Paxos investment Rubenstein's Declaration Partners invested in Vault, which makes a saliva test for COVID-19.  USA Today ran a story on Vault's DNA test for COVID and how the company is not collecting personal DNA for later use.  This story may be worth monitoring over time.

Update 5-26-21:  Rubenstein said cryptocurrencies are here to stay on CNBC.  Did he declare his personal conflict of interest with his holding in crypto broker Paxos? 

Update 8-30-21:  “I wouldn’t recommend anyone invest in cryptocurrencies,” John Paulson told David Rubenstein, co-founder of Carlyle Group, on Bloomberg TV.

Update 4-11-22:  Rubenstein said the crypto "genie is out of the bottle."   Rubestein's three wishes are for more money, more money and more money.

Update 5-27-22  Paxos received a federal trust charter from the Office of the Comptroller of the Currency.  Paxos National Trust entity is a federally regulated entity offering custody services, stablecoin management, payment, exchange and other services.  It is different from New York Department of Financial Services-chartered Paxos Trust Co.