Paxos (company)
financial technology company
Paxos Trust Company, N.A. (doing business as Paxos) is a blockchain infrastructure company, stablecoin issuer, and chartered national bank headquartered in New York City. The company provides digital asset brokerage, issuance, custody, and settlement services to enterprise clients in financial services. Paxos has also issued multiple U.S. dollar-backed stablecoins, including PayPal USD (PYUSD), Pax Dollar (USDP), and Global Dollar (USDG). ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.
Paxos was founded in 2012 and is based in New York City with offices in London and Singapore. As of April 2021, the company has received $540 million in funding.
History
Charles Cascarilla and Rich Teo founded Paxos in 2012 as the itBit bitcoin exchange. In 2015, the company changed its legal name from itBit to Paxos Trust Company. At the same time, the New York State Department of Financial Services granted Paxos a limited-purpose trust charter, making it one of the first companies in the U.S. approved and regulated to offer crypto products and services.
The company received $65 million in a funding round in May 2018.
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This entry incorporates text from “Paxos (company)” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.