In my previous post, I outlined the Paxos vision for Web3 technologies and how our engineers are building infrastructure for the future financial system. This long-term vision comes with an understanding that the best has yet to come and our systematic regulation-first approach will yield results in the not-so-distant future.
Despite industry-wide disruptions, Paxos successfully navigated the landscape and saw our accelerated growth. Evidence of this is the accomplishments of our teams since Paxos secured Series D funding in 2021.
By any measure, our team’s hard work is resulting in overall growth since our Series D funding round just a little over 18 months ago:
- Onboarded prominent new customers: EDXM, Mercado Libre, Interactive Brokers, Nubank, MasterCard, Plynk, PicPay
- Paxos received a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services
- Assets under custody have increased 5x
- Active users increased 5x, giving us access to over 600M end-user wallets
- 50x growth in revenue
Looking forward to what’s ahead
Leveraging the experiences that come from these achievements, our engineers continuously innovate while building institutional-grade technology at scale. And as the network grows, it helps our platform become a more viable option for others to join.
Anchored in our long-term strategy of providing regulated blockchain infrastructure, Paxos is making rapid progress toward becoming the world’s leading digital asset broker and tokenized asset issuer. We may even double the number of digital wallets we reach by 2024.
As such, we expect significant business growth in 2023, as there are already a few exciting milestones planned including international expansion to new markets.
Platform growth follows business’ lead
The success of our business benefits our platform, and our platform drives our business, and we must maintain advancement in both. In the upcoming months ahead, we see our business growth inspiring rapid growth of platform workloads – and new challenges such as:
- Scaling our platform to meet future demand
- Continuing to guarantee uninterrupted availability as customer load increases
- Ensuring that the platform remains secure as we realize aggressive growth
- Expanding on reliability and ease of development to our product systems
These are all challenges our team is looking forward to working on – as each amounts to an enormous step forward. As you might guess, developing the teams needed to achieve these objectives requires great care in adding talent through our highly selective hiring process.
It takes world-class talent to work in this industry, and we highly value our people and their work. One thing we are certain of in 2023: continuously investing in people is the best way to improve our platform.