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Paxos Company Research Report



Company Overview



Name


Paxos Trust Company

Mission


Enable the instant movement of any asset to anyone in a trustworthy way.

Founded


2012 by Charles Cascarilla

Key People


  • Charles Cascarilla - CEO and Co-Founder

  • Bill Bradley - Managing Director of Allen & Company

  • J. Christopher Giancarlo - Former Chairman of the U.S. Commodity Futures Trading Commission

  • Patricia Kemp - Co-Founder & Managing Partner, Oak HC/FT

  • Scott Malpass - Former Chief Investment Officer, University of Notre Dame

  • Jim Manzi - Former Chairman of Thermo Fisher Scientific

  • Brian Stern - Partner with Declaration Partners LP


Headquarters


  • New York City, USA

  • Singapore Office: 48 Toh Guan Road East, #06-152, Enterprise Hub, Singapore 608586


Number of Employees


350+

Revenue


No information is available

Known For


Providing regulated blockchain infrastructure and issuing fully-backed digital assets that are bankruptcy-remote and legally protected.

Products



Stablecoin & Payments


  • Description: Blockchain-based payments and regulated stablecoin solutions.

  • Key Features:

  • 1:1 redemption

  • Fully backed by USD or US treasuries

  • Regulated by NYDFS


Stablecoins Available:
  • Pax Dollar (USDP): A US Dollar-backed stablecoin available on Ethereum and Solana.

  • PayPal USD (PYUSD): PayPal's stablecoin designed for payments.

  • PAX Gold (PAXG): A digital token backed by physical gold stored in LBMA vaults.


Crypto Brokerage


  • Description: Crypto infrastructure with qualified custody, licensing, and trading.

  • Key Features:

  • Custody: Institutional grade qualified custody.

  • Licensing: Regulatory oversight by NYDFS and MAS.

  • Trading: Eliminates counterparty risk, offers instantaneous settlement.


itBit


  • Description: Institutional-grade exchange platform for trading crypto assets.

  • Key Features:

  • Market Data: Comprehensive market data and analytics.

  • Security Measures: Advanced security protocols embedded.


Mint and Redeem Services


  • Description: Allows institutions to mint and redeem Paxos-issued stablecoins.

  • Key Features:

  • Zero fees for minting and redeeming.

  • Unlimited liquidity and 1:1 redemption available.


Recent Developments



Recent News


  • PayPal USD (PYUSD) Available on Crypto.com Pay: Announced on July 1, 2024.

  • Full Approval from Monetary Authority of Singapore: To offer digital payment token services as of July 1, 2024.

  • Launch of Lift Dollar (USDL): A stablecoin offering daily yield to holders launched on June 5, 2024.


New Products Launched


  • Lift Dollar (USDL): Available in Argentina via partners like Ripio and Buenbit.

  • PayPal USD (PYUSD): Now also available on Solana, enhancing transaction speed and reducing fees.


New Features Added


  • Secure Custody for PYUSD and USDP: Added integration with major APIs for easy developer adoption.

  • Enhanced Audit and Transparency: Monthly reserve reports are published for all Paxos-issued stablecoins.


Partnerships


  • DBS Bank: Selected as the primary banking partner for Paxos in Singapore.

  • Coinsub Partnership: Integration to enhance crypto payments for regular and subscription-based commerce models.


This report focuses on providing detailed insights into Paxos' operational structure, product offerings, recent advancements, and strategic partnerships. The information is aggregated to present a comprehensive analysis of the company's trajectory in blockchain infrastructure and digital asset management.