Paxos, the blockchain and tokenization infrastructure platform, announced it has completed its acquisition of Membrane Finance, an Electronic Money Institution (EMI) based and licensed in Finland.
The acquisition received regulatory approval, “making Paxos a fully licensed EMI” in Finland and the EU.
Paxos issues USD-backed stablecoins.
These digital assets are available to retail and institutional users in “various markets around the world.”
This acquisition allows Paxos to expand its regulated platform “to serve European customers in a safe and compliant way.”
Notably, Paxos will make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.
As covered, Paxos explains that it is the regulated blockchain infrastructure and tokenization platform.
Its products are the foundation for an “open financial system that can operate faster and more efficiently.”
Today, trillions of dollars are reportedly locked up in “inefficient, outdated financial plumbing that is inaccessible to millions of people.”
Paxos is replatforming the financial system to enable assets “to instantaneously move anywhere in the world, at any time, in a trustworthy way.”
Paxos partners with global enterprises to “tokenize, custody and trade assets.”
Its blockchain solutions are “used by PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank.”
Paxos is licensed to engage in virtual currency “business activity by the NYDFS and is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG).”
Its affiliate company Paxos International issues the “yield-bearing” regulated stablecoin Lift Dollar (USDL). Paxos Singapore is the “issuer of Global Dollar (USDG), a USD-backed stablecoin that powers the Global Dollar Network and is compliant with the MAS upcoming stablecoin framework.”
Prudentially regulated by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos is a fintech with “more than $540 million raised from investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.”
