Last week a dramatic David versus Goliath storyline played out with retail traders banding together to create a short squeeze on some of the most sophisticated hedge funds betting against Gamestop (GME). When retail brokers (like Robinhood, TD Ameritrade, etc.) responded by restricting trading on GME and other volatile stocks, they created an uproar. Many interpreted this as Wall Street favoring and protecting market insiders. But in reality, the true culprit was the creaking market infrastructure responsible for settling trades. Our settlement system is built to promote trading and liquidity, but cannot withstand the pressure of extreme events. In fact…


I’m thrilled to share that Paxos has closed its Series C investment round and raised $142 million, bringing our total funding to more than $240 million. We are honored to have the support of our lead investor Declaration Partners, as well as new investors Mithril Capital, PayPal Ventures, RIT Capital Partners, Ken Moelis, Alua Capital, Senator Investment Group and more. It is also meaningful to have continued support from past investors like RRE, Liberty City Ventures and others. …


I am very excited to announce that Paxos is powering PayPal’s new service enabling its US users to buy, hold and sell cryptocurrency directly from their PayPal digital wallet. This news includes many firsts and has huge implications for the PayPal community, the crypto industry and, of course, Paxos.

For the PayPal community, today is the first time its users can purchase crypto assets directly from PayPal. PayPal is introducing the ability for its users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin. …


Twenty years ago, the advent of electronic trading and resulting regulatory changes completely changed the equities industry. It opened up access for institutional and individual traders to be able to trade any stock in real-time with better execution. Trading became much more efficient and dynamic, and this led to a huge period of growth and innovation. Unfortunately, while this was all happening on the front-end, the back-end systems stayed largely static.

In fact, today in the US, we are still using the antiquated clearing and settlement infrastructure built many decades ago. The upkeep of this infrastructure and its capital-intensive model…


As a modern society, we take for granted our current notion of money and how it works. But the concept of money is actually quite malleable and has gone through many notable shifts as we have innovated on financial and payments systems. For example, the proliferation of digital banking has created ease of access for some, but also completely restricted access to those who rely on cash or cannot open a bank account. …


Lately, more and more mainstream consumer applications are adding digital assets to their offerings — from Square’s Cash app to Robinhood to Facebook’s Novi. We’re proud to today that we are powering the crypto solution for a fintech leader and first-mover in this space, Revolut. One of the biggest and fastest growing consumer banking apps in Europe, Revolut took the step of adding crypto to its app in Europe and has been wildly successful. …


When people learn that Paxos is a regulated financial institution, they tend to think of a bureaucratic organization that moves slowly. In fact, that’s the of who we are and how we operate. We’re a nimble, innovative company pursuing an ambitious mission to bring technology and product innovation to the regulated financial services industry by building the bridge to an open, decentralized financial system.

We see product managers as the conductors of this orchestra — setting the vision, defining the strategy and driving execution and the operating cadence for the business. …


Today I’m excited to announce that we’ve received No-Action relief from the SEC Staff to introduce the Paxos Settlement Service. Paxos Settlement Service is a private blockchain platform that makes true delivery-versus-payment settlement possible for two parties trading U.S. equities. In simpler terms, our new platform makes it faster and more cost-effective to settle equity trades.

Paxos Settlement Service is making two big “firsts” possible once live: This will be the first time in nearly 50 years that street-side listed U.S. equity trades will settle outside the legacy system. It will also be the first time blockchain technology is applied…


We are proud to introduce PAX Gold, the first regulated digital asset backed token that represents premium gold bars. Designed as an ERC-20 token, PAX Gold has the flexibility and accessibility of crypto assets, while representing physical, secure, vaulted gold–without storage fees.

We think this solves the fundamental contradiction in the gold market: simultaneously owning allocated physical gold that is easy to trade, divide, move and leverage. The importance of gold has waned in the global economy, in part because of this existential issue in an increasingly digitized world. While it’s possible to easily trade gold derivatives, ETFs and unallocated…


At Paxos, we believe crypto and blockchain will transform the way value and assets move around the world. We also understand that in order to enable that transformation in the world of finance — and succeed — we must adhere to regulation or suffer the fate of companies like Mt. Gox, HempCoin and the thousands of vanishing ICO projects that failed. (ref: https://deadcoins.com/).

From the beginning, we sought high levels of regulation for the sake of protecting our customers’ funds and building for the long haul. …

Charles Cascarilla

Co-Founder/CEO of Paxos and itBit

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