Paxos Trust Company is a financial institution and technology company specializing in blockchain. The company provides settlement services and a cryptocurrency brokerage service.
The New York State Department of Financial Services issued a license to ItBit, a Paxos-operated bitcoin exchange, making it the first bitcoin exchange authorized to act as both a custodian and an exchange for US clients.
Paxos Trust Company: Bio
Paxos Trust Company operates as a service provider and it offers financial settlements, assets, and other payment services.
Paxos Trust provides services to their New York-based clients. Paxos Trust Company has its headquarters in New York City and offices in London and Singapore.
This financial institution was established in 2012. As of 2023, the company has acquired more than $500 million in funding.
Paxos Trust Company: History
In 2012, Paxos was established by Chaares Cascarilla and Rich Teo as the ItBit Bitcoin exchange. The company’s legal name was changed from ItBit to Paxos Trust Company in 2015. In the meantime, Paxos received a limited-purpose trust charter from the Department of Financial Services of New York.
This license made Paxos Trust Company the first organization authorized and governed to provide cryptocurrency products and services in the United States.
In May 2018, The business secured a fundraising round worth $65 million. As one of the first regulated stablecoins in the market, Paxos introduced the Paxos Standard stablecoin in September 2018. The first authorized gold-backed digital token, PAX Gold, was released by Paxos in September 2019.
The U.S. Securities and Exchange Commission (SEC) granted Paxos permission to test a new settlement service for stocks listed in the United States on a private blockchain in October 2019. It started operating in February 2020.
Paxos Launched its cryptocurrency brokerage in July 2020 with Revolut as the first customer. Paypal declared in October 2020 that, in partnership with Paxos, it would provide its users with cryptocurrency buy, hold, and sell services.
Paxos Trust Company: Key People
Since the beginning of the Paxos Trust Company, many people have played a major role in its development. The regulated blockchain infrastructure platform that buildings a new open financial system was founded by Charles Cascarilla and Richmond Teo.
Charles Cascarilla serves as the CEO of this prominent financial institution Paxos Trust Company, whereas Richmond Teo serves as the CEO of Paxos Asia.
Andrew Chang is the Chief operating officer of Paxos Trust Company. Daniel Burstein serves as the General Counsel and CCO of the company and Jamar Parris is the Senior Product Manager. Nancy Dornbush is the Global Head of Operations whereas Chuk Okpalugo is the Product manager.
Other board members of the Paxos Trust Company include Robert Herz, Jim Manzi, William Bradley, Duncan L. Niederauer, Sheila Bliar, and Chloe Soares.
Paxos Trust Company: Products
◾ Crypto Brokerage
With the help of a cryptocurrency brokerage like Edit Paxos, clients may give their customers access to the cryptocurrency market. On the behalf of its client, the business handles the technology and regulatory aspects of bitcoin trading. Paxos provide their clients with a clear and straightforward way to buy, sell, send, and keep their crypto assets.
In 2020, Paxos teamed up with Paypal and Revolut, a UK-based supplier of payment services. Due to this cooperation, users will have unparalleled access to the cryptocurrency asset class given Paypal’s millions of accounts.
◾ Paxos Standard
Paxos Standard (PAX) is one of the regulated stablecoins in the market which launched in September 2018. It is pinned to the US dollar with a 1 PAX = 1 USD exchange rate.
Retail and institutional investors can access many cryptocurrencies through Paxos. Users can exchange their fiat currency for a variety of assets, including bitcoin, ether, bitcoin cash, litecoin, pax gold, pax dollar, and others.
◾ PAX Gold
A digital asset backed by actual gold is called PAX Gold (PAXG). The custodian of PAX Gold tokens and the real gold bars they are linked to is Paxos Trust Company.
With all the advantages of the blockchain, PAXG provides investors with a practical option to acquire investment-grade physical gold. Each Pax Gold token is backed by a single troy ounce of pure gold that is kept in London’s LBMA Vaults.
Owning PAXG gives you ownership of the actual gold that Paxos Trust Company is keeping in your trust.
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◾ ItBit
The New York State Department of Finance has given ItBit permission to trade five digital assets: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Pax Gold.
ItBit also offers institutional-grade security with cold storage custody, and this network in turn gives access to some of the deepest fiat-to-crypto liquidity pools in the market. Market order traders receive cash client rebates that are immediately credited to their accounts.
The Itbit cryptocurrency exchange offers tiered transaction costs and never levies withdrawal fees for consumers who send money outside the platform.
◾ Security Settlement Service
The SEC authorized Paxos to launch a settlement solution for stock trading in October 2019. The first banks to use the service were Credit Suisse and Societe Generale. In February 2020, Paxos declared that it had successfully settled a securities trade for the first time on a blockchain.
◾ Post-trade Services
Through the use of enterprise-grade security systems, Paxos enables institutional investors to automate their post-trade workflow. This helps manage the entire trade lifecycle.
The method enables automatic net settlement without drawn-out phone calls or emails. To deliver and match requested traders, Paxos first gets the user’s trade data from an existing platform.
After that, the system promptly sends transfers to the user’s bank, depository, or vault after automatically calculating and verifying payment locations and delivery amounts.
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