Category: Paxos

Paxos Standard Presents Assets Backing Its Stablecoins

Paxos Standard Presents Assets Backing Its Stablecoins

Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals […]

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Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents

Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents

In a July 21 blog post, Paxos revealed that its duo of stablecoins, Paxos Standard and Binance USD, are backed by 96% cash or cash equivalents. This contrasts with recent reports coming out of the other leading U.S. dollar-centric stablecoin operators, Tether and Circle — a comparison that Paxos invited in its post. Indeed, the […]

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Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges

Mastercard Enhancing Program for Cryptocurrency Wallets and Exchanges

Payments giant Mastercard has announced that its crypto card program is being enhanced for cryptocurrency wallets and exchanges. The company said, “Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.” Mastercard Making It Simpler to Convert Cryptocurrency to Traditional Fiat Currency […]

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Just-in: MasterCard Eases Onboarding Process to Boost Crypto Cards Adoption

Mastercard, the payment processor giant today announced the enhancement of its crypto card program just weeks after rival Visa also announced its plans to become a global leader for crypto card payments, promising to make crypto as usable as any other currency. The leading card payment service provider said it is accelerating its crypto exchange […]

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US broker Wedbush joins Paxos’s blockchain settlement network for stocks

US broker Wedbush joins Paxos’s blockchain settlement network for stocks

Wedbush Securities, the U.S. broker and wealth manager with over $2 billion in assets under management, has joined Paxos’s blockchain settlement network for equities. Announcing the news on Thursday, Wedbush said Paxos Settlement Service is a faster and more efficient way to settle stock trades. Using a private and permissioned blockchain network, Paxos lets two […]

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Bank of America joins Paxos’s blockchain-based settlement network for equities

Bank of America joins Paxos’s blockchain-based settlement network for equities

Bank of America, the second-largest bank in the U.S., has joined Paxos’s blockchain-based settlement network for equities. Bloomberg reported the news on Monday, saying that the network would help Bank of America settle stock trades in minutes rather than days using blockchain technology. Paxos’s solution is a private, permissioned blockchain network that allows two parties […]

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Robinhood CEO holds up crypto exchanges as model for faster stock settlement

During a webinar on Tuesday, the CEOs of  Robinhood and Paxos juggled ideas for speeding up stock settlement times. Robinhood’s Vlad Tenev has been in the public spotlight since wild volatility in meme-driven stocks like GameStop and AMC pushed the popular stock trading app into the public eye earlier this year. At the time, he […]

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Paxos $300M Series D Fundraise Takes its Valuation to $2.4 billion

Paxos, the cryptocurrency exchange has raised another $300 million in a Series D funding round taking their valuation to $2.4 billion. The funding round was led by Oak HC/FT and saw participation from early investors like Declaration Partners, PayPal Ventures, and Mithril Capital. The Series D funding round comes just months after the company had […]

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OCC Grants Crypto Firm Paxos ‘Conditional Approval’ for US Bank Charter

The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary […]

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