Welcoming Mike Dudas to Paxos and Our World of Stablecoins

I am excited to announce that Mike Dudas will join Paxos on February 9 as VP, Head of Stablecoin Business Development. We’ve known Mike for some time as the founder and former CEO of The Block, one of the best news and information sources in fintech and blockchain today. Through his experience there and previously at Google Wallet, Braintree/Venmo and PayPal, Mike clearly knows his way around fintech and has the kind of entrepreneurial spirit that we love.

In his role, Mike will work on growing our stablecoin business as we further develop our white-label offering for partners. We have no doubt that he will help raise the visibility of the most trustworthy and transparent stablecoins in the industry. You can hear from Mike himself below!

A Note from Mike Dudas…

I first became aware of Paxos in 2018 while serving as the founder and CEO of The Block, a leading research, analysis and news company in the digital asset space. The Block and Paxos are part of the rapidly growing NYC fintech ecosystem, so we worked together professionally, as enablers of industry employment and growth in a dynamic space. I grew to respect the team, its commitment to regulation while innovating and the products it was quickly bringing to market.

When I stepped down as The Block’s CEO in early 2020, I made a personal promise that I would only join a company with the potential to be an industry-defining, generational juggernaut: I believe Paxos is one of the very few companies existing today with this potential. Additionally, Paxos operates in the business segment that attracted me to crypto in the first place – payments and money movement. I believe every human should have access to money that moves instantly, affordably, 24/7/365 on modern infrastructure with strong security and settlement assurances.

To say I was smitten with Paxos is an understatement. The financial world awakened to this quiet giant in 2019 when Paxos enabled two of the world’s largest crypto exchanges, Binance and Huobi, to launch stablecoins that achieved near immediate success in terms of stability and growth. Later in the year it made headlines again as it earned authorization from the SEC to settle stock trades for banking giants Credit Suisse and Societe Generale. Paxos’ profile grew even further in 2020 as the company enabled PayPal (my old stomping grounds) and Revolut to launch crypto buying/selling to their hundreds of millions of customers. As a result, the world’s finest investors recognized Paxos’ incredible capabilities as the premiere blockchain infrastructure platform, leading to the company’s $140 million Series C fundraising.

Since its founding in NYC in 2012, Paxos has been singularly focused on rebuilding the infrastructure of finance. The company has made relentless progress in tokenizing and mobilizing assets. Its robust approach to financial regulation and compliance has set a standard in trustworthiness for fintech operators and innovators. Paxos will be the most powerful digital asset enablement platform in the world and I am thrilled to join the team in this journey. If you’re interested in understanding how stablecoins can help facilitate payments throughout the fabric of financial services, technology and even government – let’s talk.

[I will continue to serve in my capacity as non-executive chairman of The Block, where I have not been involved in day-to-day operations since April 2020. Similarly, I have not been and will never be involved in any editorial decisions at The Block, including past and ongoing coverage of Paxos.] 

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