Compliance-first digital asset firm Paxos has announced that it has topped ten million “active” digital wallets globally, according to a release distributed by the firm.
Paxos is a regulated blockchain infrastructure platform that has inked partnerships with some of the biggest names in Fintech, including PayPal, Bank of America, Mastercard, Nubank and many more. Its tech stack helps companies efficiently engage with digital assets while offering tokenization, custody, trading and settlement. Paxos provides a platform for financial services firms to launch their own digital asset, transfer, reward, and payment solutions for their users.
Paxos made a note to claim that in spite of the ongoing market challenges, it has demonstrated “clear growth” by garnering “customer-backed support.” Paxos recently revealed that it was in discussions with the Securities and Exchange Commission regarding its stablecoin product which it asserts is not a security. Paxos recently halted offering stablecoin services to Binance, the largest crypto exchange which has its own challenges.
Paxos reports that via their many partnerships it reaches half a billion user wallets, with more than 2% now actively trading or holding digital assets. Nearly 60% of the active wallets serve consumers across Latin America, according to the firm.
Michael Coscetta, Head of Revenue at Paxos, said to compete at a global scale, financial services firms must build digital asset solutions into their existing offerings. Coscetta said they have seen the challenges for firms that attempt to do it on their own without the assistance of an experienced platform.
“Paxos has experience helping global leaders safely manage regulatory and tech complexity with speed. These integrations have delivered clients increased engagement, greater customer acquisition opportunities and new revenue streams. It’s only a matter of time before digital assets will become a must-have component of any financial services platform.”
Paxos said its strong balance sheet, oversight, and compliance make it the best solution for sophisticated, global enterprises.