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Crypto Services Firm Paxos Gets Approval From Singapore Regulator

It also provides brokerage services for the crypto segment of PayPal. It has an enterprise blockchain settlement service. Clients of this service include Bank of America, Credit Suisse and Instinet.

In addition to issuing stablecoins, Paxos, a regulated blockchain infrastructure platform that provides crypto services to companies such as PayPal and Meta, has received approval to offer digital payment token services in Singapore. Paxos has received approval from the Monetary Authority of Singapore, the Central Bank and the Financial Regulatory Authority of Singapore. This crypto brokerage will then be able to offer stablecoin and custody services to residents of Singapore and clients looking to expand in the region. 

stablecoin The solution provider has its own stablecoin called Paxos’ Pax Dollar (USDP). In addition, it provides the infrastructure for the Binance Dollar BUSD, which is currently the third largest stablecoin. It also provides brokerage services for the crypto segment of PayPal. It has an enterprise blockchain settlement service. Clients of this service include Bank of America, Credit Suisse and Instinet. However, this service is being offered only in the US. 

It has received funding of $ 54 million (about Rs 4,140 crore) so far. Its investors include Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures Ventures. Blockchain in recent yearsThe number of firms providing related services has increased rapidly. Along with this, investors have also increased their stake in these firms.

Rich Teo, Co-Founder and CEO, Paxos Asia, said, “We believe regulatory oversight is the only way to realize the real benefits of blockchain and digital assets to customers and financial institutions. We recommend the Monetary Authority of Singapore as our regulator. We are happy to see that we will be able to increase the use of digital assets by providing regulated solutions to large enterprises.” 

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