|Headquarters||New York City|
|Key People||Charles Cascarilla, CEO|
|Products||Paxos Standard, a stablecoin; custody services|
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.
One Paxos Standard is supposed to have the value of one U.S. dollar, according to the Paxos website.
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. In late July 2017, however, Euroclear and Paxos announced the end of their pursuit of a joint precious metals settlement platform. On May 17, 2018 the NYDFS licensed Paxos to offer the service commercially.
With a May 2018 Series B raise of $65 million, Paxos has raised a total of at least $93.3 million in funding.
- Paxos Unveils Dollar-Backed Stablecoin Approved by New York Regulator. Coindesk.
- Introducing Paxos Standard (PAX). Paxos.
- ItBit Rebrands as Paxos Amid Blockchain Pivot. Coindesk.
- Global Banks Pilot Blockchain-based Gold Settlement Platform. Coindesk.
- Euroclear and Paxos End Blockchain Gold Settlement Partnership. Coindesk.
- DFS CONTINUES ACTIONS TO SUPPORT RESPONSIBLE INNOVATION IN NEW YORK’S FINTECH INDUSTRY. New York State Department of Financial Services.
- Paxos Overview. Crunchbase.