Paxos (company)

The Paxos company's main product is Bankchain, a cloud-based platform as a service (PaaS) blockchain settlement solution for capital markets that launched in 2012 and has offices in New York City, New York, Singapore, and London, England. In 2016, Paxos partnered with Euroclear to provide blockchain settlements for London's bullion market and this partnership is said to have ended in July 2017. The company is offering the Paxos Standard (PAX) cryptocurrency, the itBit cryptocurrency exchange, a cryptocurrency backed by gold called Paxos Gold (PAXG), a stable coin cryptocurrency called Binance USD (BUSD) that is pegged to the US dollar, asset custody under a regulated Trust Company, and post-trade automation for precious metals, base metals, and FX markets.

The Paxos CEO is co-founder Charles Cascarilla, and its board of directors includes the former chairwoman of the U.S. Federal Deposit Insurance Corporation (FDIC) Sheila Bair; former Democratic U.S. Senator William Warren "Bill" Bradley; former chairman of the Financial Accounting Standards Board (FASB) Robert H. Herz; and former chairman, president, and CEO of Lotus Development Corporation Jim Manzi.

On January, 12, 2021 Paxos confirmed having reached 360M+ consumers and the 550% Stablecoin growth. Over the course of the year, Paxos brought its regulated products, Paxos Crypto Brokerage and Pax Dollar (USDP), to global enterprises like Mastercard, Venmo, Interactive Brokers, Novi by Meta, Mercado Libre and more.