Paxos Becomes Latest Crypto Firm to File for Federal Bank Charter
Paxos has filed to become a federally regulated bank with the U.S. Office of the Comptroller of the Currency, joining BitPay and Anchorage.
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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 Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency....
The stablecoin issuer has nabbed a banking license, but it doesn't mean they'll be doing any banking in the traditional sense. The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies. Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label....
The stablecoin issuer and PayPal partner wants to increase its range and scope of services by becoming the first crypto services provider to be regulated at both state and federal levels. Stablecoin creator and crypto services provider Paxos filed an application to open a national bank on Wednesday. If approved, the pioneering Paxos General Trust will be headquartered in New York, licensed to hold cryptocurrencies and execute the duties of a regular trust bank.According to a blog post on the Paxos website, being granted a national trust bank charter from the U.S. government would broaden....
The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia. The Monetary Authority of Singapore, or MAS, has granted stablecoin issuer Paxos regulatory approval to offer crypto services to local companies.In a Thursday announcement, Paxos said it had received a license from Singapore’s financial regulator allowing the firm to provide blockchain and crypto services under the country’s Payment Services Act. The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia.“We’re excited....
The stablecoin issuer is pursuing ambitious plans in the expanding crypto space. United States-bases stablecoin operator Paxos has raised $142 million in fresh funding from investors including PayPal and Mithril Capital. The stablecoin issuer announced the news on Thursday.U.S. investment firm Declaration Partners, backed by billionaire David M. Rubenstein, led the funding round with other participants including RIT Capital Partners plc., Ken Moelis, Alua Capital, and Senator Investment Group. Previous Paxos backers like RFE Ventures and Liberty City Ventures also invested in the funding....