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.