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Global financial markets are seeing challenges that require us to reevaluate ways of creating a marketplace that builds consumer confidence. In consumer products, companies are trying to achieve better supply chain transparency which translates into higher sales and enhanced consumer trust.
The financial services industry recognizes blockchain and digital asset technology as powerful tools for the future of finance. But industry shake-ups like the downfall of Terra, the collapse of FTX and Alameda and the ultimate ripple effects created by those failures created a feeling of uncertainty in an already trepid crypto winter.
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.
Recent events in the digital asset marketplace have impacted the industry in ways that were difficult to fathom only months ago. As more facts come into focus, it’s an opportune time to reflect on the road ahead.
Paxos is the sole issuer of BUSD, the US dollar-backed stablecoin regulated by the New York State Department of Financial Services (NYDFS) on Ethereum.
In many ways, the last few weeks in the digital asset industry have felt more like a few years. When the history of finance is written, recent events may make up the bulk of last year’s industry headlines, and rightfully so, but it’s also important to highlight other but important events from 2022.
Following the collapse of FTX, many are seizing the moment to push for increased regulatory oversight of digital assets. As voices get louder, the outcome will likely include inroads toward federal legislation for digital assets.
As global crypto markets encounter significant turbulence and many participants continue to feel the ripple effects of recent events, it’s helpful to gain a broader perspective and note that some regions are seeing crypto continuing to thrive, mainly due to a shared public and private commitment behind it.
Earlier today, Paxos sent the following update to its customers. The crypto industry is currently facing a tumultuous period. Amidst the ambiguity and turmoil, we
Paxos received direction from US Federal Law enforcement to freeze Paxos-issued assets associated with four ethereum addresses. In compliance with the request, Paxos froze 11,184.38 PAXG tokens valued at roughly $19 million.
There are approximately 10,000 active crypto assets available today, and that number continues to grow as the crypto ecosystem grows, with global adoption increasing and platforms continuously expanding their asset offerings. However, not all new and emerging crypto assets will be seen as equally secure and compliant.
Paxos is proud to announce it has secured its formal license from the Monetary Authority of Singapore (MAS) for its Singapore entity. This is a Major Payments Institution License, making Paxos the first US company to secure full Major Payments Institution licensing in Singapore.
Last week, Mastercard introduced Crypto SourceTM, a new program enabling financial institutions to bring secure crypto trading capabilities and services to their consumers.
Last year marked the first time Paxos hosted a booth at Money 20/20’s annual event in Las Vegas, and it was such a resounding success we’ve decided to do it again this October 23-26.
Paxos is seeking staff engineers and engineering managers to join us on our mission to build a new financial infrastructure for the economy of tomorrow. Our blockchain solutions tokenize, custody, trade and settle assets for enterprise clients, enabling the trustworthy and instantaneous movement of any asset, at any time.