Paxos (PAX)

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Paxos
Paxos logo.png
Founded 2016
Headquarters New York City
Key People Charles Cascarilla, CEO
Products Paxos Standard, a stablecoin; custody services
Twitter @PaxosGlobal
LinkedIn Profile
Website Paxos Home
Releases Company News

Also see John Lothian News's 2017 interview with Charles Cascarilla, the founder of Paxos, which is available here.

Paxos Trust Company, the successor to itBit Trust Company, was licensed on September 10, 2018 by the New York State Department of Financial Services (NYDFS) to issue a stablecoin - that is, a virtual currency tied to the value of a fiat currency. It is called Paxos Standard (PAX) and is tradable on Paxos's cryptocurrency exchange, itBit.[1]

One Paxos Standard is supposed to have the value of one U.S. dollar, according to the Paxos website.[2]

Background

In September 2016 Paxos rebranded itself from itBit, which survived the rebranding as a division of Paxos. Paxos was to leverage itBit's distributed ledger technologies. [3]

In December 2016, Paxos and Euroclear announced that they had completed a test of 600 gold bullion trades on Bankchain, a blockchain-based post-trade platform with a group of banks that included, among others, Scotiabank, Citibank and Societe Generale.[4] In late July 2017, however, Euroclear and Paxos announced the end of their pursuit of a joint precious metals settlement platform.[5] On May 17, 2018 the NYDFS licensed Paxos to offer the service commercially.[6]

With a May 2018 Series B raise of $65 million, Paxos has raised a total of at least $93.3 million in funding.[7]

To read the full article on Paxos, click on Marketswiki.gif to open a new tab with MarketsWiki.

References