Tagged: paxos

June 8, 2022 @ 2:09 pm By JD Alois  |  

The New York State Department of Financial Services (DFS) has announced new guidance on dollar-based stablecoins which are issued by firms regulated by the DFS. The guidance does not apply to USD-backed stablecoins listed, but not issued, by DFS-regulated entities. Superintendent Adrienne A. Harris commented… Read More

May 19, 2022 @ 10:54 pm By Omar Faridi  |  

Paxos, the regulated blockchain infrastructure platform, has teamed up with State Street (NYSE: STT). one of the “leading” providers of financial services to institutional investors, “to integrate State Street’s custodial services into the Paxos Settlement Service.” As part of the pilot, State Street was able “to… Read More

May 11, 2022 @ 10:10 am By JD Alois  |  

While TerraUSD (UST) has lost more than half of its dollar-pegged stablecoin value, Binance – the issuer of its own stablecoin – has published a blog post discussing the importance of fiat-backed stablecoins. As the crypto world knows, UST is an algorithmic stablecoin designed to… Read More

March 10, 2022 @ 2:43 pm By Tony Zerucha  |  

Paxos, a blockchain infrastructure platform, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services under the Payment Services Act 2019. With this license, Paxos becomes one of the first blockchain services providers to meet the highest standard… Read More

January 27, 2022 @ 8:54 am By JD Alois  |  

Facebook/Meta’s (NASDAQ:FB) digital currency venture Diem will be sold to Silvergate Capital for $200 million, according to WSJ.com. It was previously rumored that the failed cryptocurrency project was on the auction block as Meta threw in the towel on a project that once sought to… Read More

January 25, 2022 @ 9:40 pm By JD Alois  |  

Diem, the digital currency project previously known as Libra created by Meta (NASDAQ:FB) (formerly doing business as Facebook) may be for sale. According to a report by Bloomberg, Diem is on the auction block due to “regulatory pressure.” Initially launched with great fanfare as a… Read More

January 21, 2022 @ 8:29 am By Omar Faridi  |  

Meta’s (NASDAQ: FB) two leading social media networks, Facebook and Instagram, are reportedly looking to enter the fast-evolving non-fungible token (NFT) sector. The tech giant will be focusing on making it seamless for Facebook and Instagram users to issue, trade and showcase their NFTs. As… Read More

December 10, 2021 @ 5:11 pm By JD Alois  |  

Meta, formerly known as Facebook (NASDAQ:FB), has enabled its digital wallet Novi to transfer funds using Paxos’ dollar-based stablecoin USDP via WhatsApp – another Meta company. Paxos is a top digital asset platform in the US that has pursued a compliance-first approach to providing crypto… Read More

December 8, 2021 @ 10:07 pm By JD Alois  |  

Earlier today (December 8, 2021), the House Financial Services Committee held a hearing on digital assets. As was previously reported, the witnesses included top crypto executives and thus provided the opportunity for a unique discussion between House members and crypto entrepreneurs. Chairwoman of the Committee,… Read More

December 1, 2021 @ 2:44 pm By JD Alois  |  

The House Financial Services Committee has announced the list of witnesses scheduled to testify at a hearing entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”  The witnesses include many of the biggest names… Read More

October 21, 2021 @ 12:06 pm By JD Alois  |  

Formerly known as Libra and then Diem, Facebook’s (NASD:FB) scaled-back entrance into the digital currency sector has announced the firm’s Novi digital wallet pilot program is rolling out – starting with Guatemala and the United States. The pilot is designed to confirm operational readiness as… Read More

October 1, 2021 @ 11:32 am By Tony Zerucha  |  

Flourish, a provider of technology for registered investment advisers (RIA), today launched Flourish Crypto, a turnkey cryptocurrency investing solution. Flourish Crypto is built on the Flourish Platform, which is offered through Flourish Digital Assets and Paxos Trust Company. The company is wholly owned by MassMutual…. Read More

April 29, 2021 @ 8:18 am By JD Alois  |  

Compliance first digital asset firm Paxos has closed a $300 million Series D round of funding, according to a note from the company. Paxos’s platform offers technology to tokenize, custody, trade, and settle assets. Oak HC/FT led the round, with participation from existing investors including… Read More

April 26, 2021 @ 7:22 pm By JD Alois  |  

Last week, it was reported that Paxos had received preliminary approval for a national bank charter for Paxos National Trust. The Office of the Comptroller of the Currency (OCC) stated: “the preliminary conditional approval is granted after a thorough review of the application, other materials… Read More

April 24, 2021 @ 1:07 pm By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC), an independent bureau within the US Department of the Treasury that serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United… Read More

April 20, 2021 @ 8:04 am By JD Alois  |  

Crypto on Venmo is launching today. PayPal’s peer-to-peer transfer platform will now allow Venmo’s 70+ million users to buy, hold, sell crypto within the app thus morphing Venmo into a crypto wallet. For retail uptake, this should be a boon for users as Venmo is… Read More

April 12, 2021 @ 8:35 pm By Omar Faridi  |  

Melayna (Manning) Ingram, Director, Securities Product at Paxos, notes that regulation can “foster innovation,” and it’s simply a matter of perspective. Ingram writes in a blog post that many tech firms are established with the “general” thesis that “something is broken and new technology can… Read More

April 6, 2021 @ 12:11 pm By JD Alois  |  

Paxos to Apply for Formal Clearing Agency License from the SEC Paxos Trust Company, a compliant blockchain infrastructure provider, has completed a same-day settlement of US-listed equity trades in partnership with Instinet and Credit Suisse. Same-day settlement is colloquially known as T+0 – currently, financial… Read More

April 3, 2021 @ 9:37 am By Omar Faridi  |  

Dan Burstein, General Counsel at Paxos, claims in a blog post that the company is the “most trusted” operator in the digital asset infrastructure space. Burstein explains that trustworthiness is key to their business model and overall success at Paxos. They believe that by serving… Read More

December 31, 2020 @ 5:35 pm By JD Alois  |  

2020 was a challenging year for the entire world. The ongoing health crisis surprised everyone as the world dove into a pandemic, pummeling the global economy and impacting everyone. In many respects, Fintech emerged as a beneficiary of COVID-19. Digital transformation of financial services were… Read More