Revolut US is First Customer to use Paxos Crypto Brokerage
NEW YORK – July 15, 2020 – Paxos Trust Company, the regulated financial institution that digitizes and mobilizes assets, today introduced Paxos Crypto Brokerage, a new product offering that enables companies to integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications. Paxos Crypto Brokerage is a turnkey, easy-to-integrate API-based solution that provides access to the $200 billion cryptocurrency market while managing the underlying regulatory and technological complexity.
Charles Cascarilla, CEO and Co-Founder of Paxos, commented, “The digital asset revolution has started and more and more companies like Revolut see it coming. With Paxos Crypto Brokerage, companies can leverage our expertise and regulatory compliance to easily and securely integrate crypto into their applications. We’re proud to offer financial market infrastructure that supports an open, digital financial future.”
Revolut US is the first partner to leverage Paxos Crypto Brokerage for US customers of its market-leading consumer banking application. With the integration, Paxos custodies all crypto assets on behalf of Revolut US users, provides access to deep liquidity so Revolut US users have great trading prices and offers off-the-shelf historical pricing and market data for Revolut to customize the in-app experience. Because Paxos Crypto Brokerage is an API-based solution, Revolut controls the user experience and manages its customer relationships. Notably, Paxos manages the licensing and regulatory complexities so that Revolut can focus on its core business.
Nik Storonsky, Founder & CEO of Revolut said, “In order to expand our crypto offering to US customers, we had to find a trusted partner. We chose Paxos Crypto Brokerage because their turn key solution is fully compliant and easy to integrate. The Paxos platform offers the security and liquidity we need to offer our users the best crypto experience.”
Paxos Crypto Brokerage is an ideal solution for any payments, wealth management, banking or other technology company interested in entering the high-growth cryptocurrency markets to build new business line opportunities.
Paxos is a New York-regulated financial institution on a mission to create a global, frictionless economy. By building infrastructure to enable the movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7.
Today, as the first regulated Trust company for digital assets, Paxos technology makes it possible to tokenize, custody, trade and settle assets. Paxos is the largest issuer of regulated stablecoins including Binance USD (BUSD), a white-label stablecoin offered through Paxos Stablecoin as a Service. Paxos products also include: Post-Trade Confirmation Service, which has been used to confirm over $2 trillion commodities and FX trades, and Paxos Settlement Service, a settlement platform for US listed equity securities. With offices in New York, London and Singapore, Paxos takes a global view of modernizing the financial system. Learn more at www.paxos.com.
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