Paxos Filed An Application To Open A National Bank To Hold Cryptocurrencies
Paxos Filed An Application To Open A National Bank To Hold Cryptocurrencies
December 12, 2020
Paxos Filed An Application To Open A National Bank To Hold Cryptocurrencies
Paxos Filed An Application To Open A National Bank To Hold Cryptocurrencies
December 12, 2020

Paxos, the crypto services provider, has filed an application to open a national bank on Wednesday to hold cryptocurrencies and execute the duties of a regular trust bank. If approved, the pioneering Paxos General Trust will be headquartered in New York.

It has been reported by the Paxos website that being granted a national trust bank charter from the US government would broaden both the range of services offered by the company and the geographic area to which it can offer services. 

It stated:

“Our mission is to modernize financial market infrastructure and enable the movement of any asset, any time, in a trustworthy way. A national Trust Bank charter would help us realize our goal by enabling us to serve customers across the country in the most efficient way.”

However, the report said that if approved, the application would mark the first time that a steward of digital assets was regulated at both the state and federal levels within the US. One of the first companies to receive New York State’s coveted BitLicense, Paxos is already regulated by the state’s Department of Financial Services (NYDFS).

ALSO READ :  Black Manta Partners With Finoa To Develop Institutional Security Token Custody

In 2015, the company, earlier known as ItBit, became the first “virtual currency” services provider to receive a charter from NYDFS.

Likewise, in October, Paxos partnered with PayPal to provide trading and custodial services related to cryptocurrencies supported by the payments giant.

Charles Cascarilla, the CEO of Paxos, said in a press release about the partnership announcement:

“PayPal’s selection of Paxos is a reflection of New York’s status as the gold standard for cryptocurrency regulation.”

In addition to providing services for PayPal, Paxos continues to operate the ItBit exchange, offer crypto brokerage services, and maintain stablecoins PAX, BUSD and PAXG. 

Thus, the company was founded in 2012, has offices in New York, London and Singapore, and employs around 150 people.

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.