Paxos Plans Become Fully-regulated Crypto Bank
December 10, 2020 6:39 pm
PayPal partner, and stable coin creator, Paxos applied to open a national bank on Wednesday. If approved, Paxos General Trust will be headquartered in New York, licensed to secure digital currencies and execute the duties of a regular trust bank.
On its website, Paxos officially announced the initiative being granted a national trust bank charter from the U.S. government would widen both range of services offered by the company and the geographic area to which it can offer services.
The announcement added:
“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.”
Besides providing service for PayPal, Paxos continues to operate the ItBit exchange, offer crypto brokerage services, and maintain stablecoins, PAX, BUSD, and PAXG. The company was founded in 2012, has offices in New York, London, and Singapore, and employs around 150 people.