Paxos Report: Is Blockchain The Next Step For Global Remittances?
The age of digital currencies and blockchain technology is upon us, with an increasing number of institutions advocating for their widespread adoption. At the forefront of this conversation is Paxos Trust Company, the New York-based stablecoin titan. In a recent announcement, the firm strongly contended that blockchain technology could fundamentally reshape the global remittance landscape, […]
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According to a new report, the depreciation of some currencies against the U.S. dollar is contributing to the declining international remittances. After touching an all-time high of $548 billion in 2019, the World Bank report now projects remittances to drop 7.2% in 2020 to $508 billion and a further decline of 7.5% to $470 billion in 2021. Volatile Currencies In its Migration and Development Brief 33, the World Bank details how the Covid-19 induced currency depreciation has affected the flow of global remittances. In the brief, the authors point to the exchange rate between the U.S.....
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 Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two....
According to the blockchain infrastructure company Paxos, the firm has frozen 11,184.38 pax gold (PAXG) tokens held on the platform FTX.com. The regulated token issuer noted that it was directed to freeze the PAXG tokens after “direction from U.S. federal law enforcement.” Paxos Complies With U.S. Law Enforcement Request to Freeze 11,184 PAXG Paxos updated the public on Nov. 12, 2022, and detailed that the company has frozen 11,184.38 pax gold (PAXG) tokens held on the FTX platform. The update was written by Paxos global general counsel, Ben Gray. PAXG is a crypto token....
The coronavirus pandemic has painted a different picture of our world when it comes to international money transfers, especially the kinds that come from employed migrant workers. The World Bank reveals that global remittances have declined 20% over the year 2020, with a 19.7% drop in remittances to low and middle-income countries. Part of that […]
Today, blockchain infrastructure company Paxos closed a $300 million Series D round of funding, one of the largest ever among cryptocurrency and blockchain startups New Raise Is To Help Scale Operations Paxos, a major cryptocurrency corporation and PayPal’s crypto partner, has completed a huge fundraising round shortly after securing tentative approval to join a national […]