On Nov. 5, crypto, venture capital, and fintech firms Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood announced the launch of the “Global Dollar Network.” The partners are combining resources and expertise to increase stablecoin adoption and expand real-world use cases with the launch of the Global Dollar USDG stablecoin. Paxos will be...Read More
Paxos – the blockchain infrastructure platform behind the Binance USD (BUSD) stablecoin – announced on Thursday that regulators have forfeited their investigation into the firm concerning its dollar-pegged tokens. The result represents a major legal victory for crypto at large, where thick fog has surrounded the legal classification and regulatory treatment of stablecoins. Paxos Prevails...Read More
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by 65 individuals, Bloomberg reported Thursday, citing an internal email. According to the report, Paxos’ chief executive officer and co-founder Charles Cascarilla said the reduction in headcount would allow the company to capitalize on future opportunities in the tokenization and...Read More
The New York-based stablecoin issuer – Paxos – announced a strategic expansion of its stablecoin issuance to the Solana blockchain platform, which was previously exclusive to Ethereum. Paxos said it plans to make USDP available to the public on Solana starting January 17, 2024. This move marks a significant milestone for Paxos in the competitive...Read More
Stablecoin issuer Paxos, in one of the latest developments, released the first transparency but unaudited report for the recently born Paypal USD, or PYUSD stablecoin, affirming the stability and reliability of the assets. This latest report also highlighted that, as the curtains fell in August, the lion’s share – over 90% – of PYUSD was...Read More
Bitcoin miner F2Pool has successfully reversed a recent erroneous bitcoin transaction that resulted in an excessively high transaction fee of $510,000, almost 480,000 times the average network fee of $2.176. The responsible party, Paxos, acknowledged its error and identified it as a bug in a single transfer. According to on-chain data from Mempool on X,...Read More
Blockchain fintech company Paxos has announced partnering with online marketplace Mercado Libre to bring the Pax Dollar (USDP) stablecoin to users in Mexico. Transactions will be facilitated by MercadoPago, which happens to be a digital wallet app by Mercado Libre. The latest move is part of Paxos’ vision to position itself as an “established leader”...Read More
About a week ago, a settlement was reached between Celsius and Celsius Custody account holders. As a result, the latter group was promised a refund of up to 72.5% – half on the spot and half by the end of the year – provided they signed away their right to further litigation. Earn Users Hung...Read More
After a series of high-profile collapses and the ensuing regulatory heat in their wake, if you thought the crypto saga had hit a roadblock, you can’t be held wrong. However, a new survey by Paxos, the New York-headquartered blockchain technology company, offers a new spin to the tale. It says 75% of consumers are confident...Read More
Major blockchain infrastructure platform Paxos Trust Company is holding discussions with the US Securities and Exchange Commission (SEC) concerning Binance stablecoin BUSD, according to a report by Reuters. The company earlier received a notice from New York authorities to cease minting BUSD. According to Reuters on Tuesday (Feb. 21, 2022), Charles Cascarilla, CEO of Paxos,...Read More
The US-based blockchain infrastructure platform – Paxos Trust Company – will stop the issuance of new Binance stablecoins (BUSD) from February 21. Despite this, the firm said it has a “strong corporate balance sheet” and vowed to continue servicing new and existing clients. Ending the Relationship With Binance As directed by the New York State...Read More
The world’s largest crypto exchange has reportedly admitted that the New York Department of Financial Services has ordered Paxos to stop issuing the Binance USD (BUSD) stablecoin. BUSD is the seventh-largest cryptocurrency, with a market cap of over $16 billion. The United States continues with its clampdown against several cryptocurrency participants. After Kraken fell victim...Read More
According to reports on Feb. 12 citing ‘people familiar with the matter,’ the SEC plans to take action against Paxos over the Binance stablecoin, BUSD. The WSJ report stated that the financial regulator issued a letter to Paxos, known as a Wells notice, to inform it of possible enforcement action. The Wells notice enables companies...Read More
Paxos has been trying to secure a national trust bank charter for a while now. There have been rumors that the firm has been denied the aforementioned license, which it actually denied. To clarify speculation: Paxos has not been asked to withdraw its application for a national trust bank charter from the OCC, nor has...Read More
Despite a tumultuous 2020, stablecoins not only managed to stay ahead, but showed considerable growth and industry penetration. From a COVID-induced black swan event to an explosion in DeFi to Bitcoin’s stark price surge, 2020 has been a defining year. Stablecoins, in particular, saw major developments, both in terms of adoption and regulations. Major Stablecoin...Read More
Paxos, PayPal’s liquidity provider, has seen its trading volume move up quite considerably over the past few weeks after crypto-trading went live on the platform to great acclaim. So for anyone looking to track crypto volumes going through PayPal…given Paxos (ItBit) is their liquidity provider, and the exchange was doing ~$3mln a day before, here’s...Read More
In this regulatory roundup, we cover a positive crypto story in India, China’s year-end rankings, and the European Central Bank entering the stablecoin race. We also cover the New York regulator’s proposed Bitlicense revision — the first in five years — and several other notable regulatory developments in the crypto space. Also read: Regulatory Roundup...Read More
The New York State Department of Financial Services, the Bitlicense regulator, has published a proposed framework for licensed companies seeking to list new coins. This is the first time the regulator has proposed changes to its crypto regulation in five years. Among the changes, licensees will be able to self-certify the compliance of their new...Read More
The New York State Department of Financial Services, the Bitlicense regulator, has published a proposed framework for licensed companies seeking to list new coins. This is the first time the regulator has proposed changes to its crypto regulation in five years. Among the changes, licensees will be able to self-certify the compliance of their new...Read More
Paxos is planning to streamline equities settlement by using a regulatory compliant blockchain-based process. The Paxos Trust Company received a no-action relief letter from the US Securities and Exchange Commission (SEC) on October 28, in order to conduct equity securities trading on a blockchain-enabled platform designed specifically for broker-dealers. Paxos’s management revealed that Credit Suisse...Read More
With this move, Paxos plans to democratize the gold trading process by leveraging the power of blockchain technology. The Pax Gold (PAXG) token will make Gold mobilization absolutely easy. Popular stablecoin issuer Paxos has now planned to digitize the most-precious metal gold. Bridging the gap between the gold investors and crypto enthusiasts, Paxos unveils a...Read More
BUSD will be available for direct purchase and redemption 1:1 for U.S. dollars on the Paxos platform and for trading against Bitcoin (BTC), Binance Coin (BNB) and Ripple’s XRP on Binance.com. Paxos Trust Company, a regulated financial institution that digitizes and mobilizes assets, and global cryptocurrency exchange and blockchain ecosystem, Binance, announced their partnership regarding...Read More
2019 has been largely regarded as a year of the bulls after collective bullish sentiment drove major cryptocurrencies to a price hike. Besides the bull run, stablecoins were also a major topic of discussion as the community’s attention were grabbed by the Bitfinex-Tether fiasco and the launch of Facebook’s Libra. Other than the aforementioned virtual...Read More
Photo: Silvergate Bank Silvergate Capital Corporation, the corporation standing behind Silvergate Bank, recently filed an S1/A form with the United States Securities and Exchange Commission (SEC) where they note that they have found the niche of crypto loans attractive for them. They noted: “We believe there may be attractive opportunities to provide digital currency borrowing...Read More
