Paxos
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The good news for #Solana keeps coming!
Today, #paxos paxos announced that it has obtained a license from the regulatory authority in New York to issue its stablecoin, USDP, on the Solana network.
USDP is considered one of the oldest stablecoins in the market and has had the fewest issues, making it one of the most stable and reliable options. However, the coin was previously only available on the #Ethereum network.
Today, it was announced that the coin will be coming to the Solana network starting from January 17th, by the will of God.
With the arrival of #USDP on Solana, it will be a good option for those looking to diversify their stablecoin holdings to reduce risks and at the same time avoid concerns about high Ethereum network fees.
#NEAR $SOL $NEAR $MOVR
Today, #paxos paxos announced that it has obtained a license from the regulatory authority in New York to issue its stablecoin, USDP, on the Solana network.
USDP is considered one of the oldest stablecoins in the market and has had the fewest issues, making it one of the most stable and reliable options. However, the coin was previously only available on the #Ethereum network.
Today, it was announced that the coin will be coming to the Solana network starting from January 17th, by the will of God.
With the arrival of #USDP on Solana, it will be a good option for those looking to diversify their stablecoin holdings to reduce risks and at the same time avoid concerns about high Ethereum network fees.
#NEAR $SOL $NEAR $MOVR
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$XLM
Paxos announced that it will integrate with the Stellar network and plans to introduce assets to the Stellar network by the end of 2024. Stellar is an open source blockchain for payments and remittances, and this move by Paxos will further promote the adoption of regulated institutional stablecoins. Through cooperation with the Stellar Development Foundation, Paxos will expand its assets to the Stellar network, which will help increase the adoption of the Stellar network and provide Paxos with more payment and remittance application scenarios. This integration may bring a series of technical challenges, including ensuring the secure transfer of assets between the two networks, maintaining network stability, and ensuring regulatory compliance. In addition, the Stellar network recently upgraded to Protocol 21, introducing five new core improvement proposals to improve network efficiency and cost-effectiveness, which provides a more efficient and scalable network environment for the introduction of Paxos assets.
#xlm #stellar #XLM/USDT #XLM.智能策略库🥇🥇 #paxos
Paxos announced that it will integrate with the Stellar network and plans to introduce assets to the Stellar network by the end of 2024. Stellar is an open source blockchain for payments and remittances, and this move by Paxos will further promote the adoption of regulated institutional stablecoins. Through cooperation with the Stellar Development Foundation, Paxos will expand its assets to the Stellar network, which will help increase the adoption of the Stellar network and provide Paxos with more payment and remittance application scenarios. This integration may bring a series of technical challenges, including ensuring the secure transfer of assets between the two networks, maintaining network stability, and ensuring regulatory compliance. In addition, the Stellar network recently upgraded to Protocol 21, introducing five new core improvement proposals to improve network efficiency and cost-effectiveness, which provides a more efficient and scalable network environment for the introduction of Paxos assets.
#xlm #stellar #XLM/USDT #XLM.智能策略库🥇🥇 #paxos
🪙 Crypto and Blockchain News (December 27, 2023):
1️⃣ Fortune: Blockchain infrastructure company #paxos has announced the launch of the stablecoin #usdp on the Solana network starting from January 17, 2024. Initially, USDP was only operational on the Ethereum network. Representatives from Solana emphasized that the support of their blockchain will increase transaction speed and reduce fees. 🚀
2️⃣ Pontem: #web3 developer Pontem has introduced the second-layer solution Lumio. Lumio is an L2 protocol that enhances the throughput of the Ethereum network using Aptos blockchain technologies. 🌐
3️⃣ TechCrunch: Infrastructure mining company Akron Energy has secured $110 million to expand the capacities of its data centers, primarily for Bitcoin mining. ⚡
4️⃣ CoinW: Cryptocurrency exchange CoinW has announced a giveaway with prizes totaling $1 million in celebration of its sixth anniversary. 🎊
5️⃣ Jameson Lopp: The total income of #bitcoin miners for the year 2023 reached around $10 billion, and over the last 15 years, it accumulated to $57 billion. 🌟
✨ Leave a like and share your thoughts in the comments. Any questions? Feel free to ask!
1️⃣ Fortune: Blockchain infrastructure company #paxos has announced the launch of the stablecoin #usdp on the Solana network starting from January 17, 2024. Initially, USDP was only operational on the Ethereum network. Representatives from Solana emphasized that the support of their blockchain will increase transaction speed and reduce fees. 🚀
2️⃣ Pontem: #web3 developer Pontem has introduced the second-layer solution Lumio. Lumio is an L2 protocol that enhances the throughput of the Ethereum network using Aptos blockchain technologies. 🌐
3️⃣ TechCrunch: Infrastructure mining company Akron Energy has secured $110 million to expand the capacities of its data centers, primarily for Bitcoin mining. ⚡
4️⃣ CoinW: Cryptocurrency exchange CoinW has announced a giveaway with prizes totaling $1 million in celebration of its sixth anniversary. 🎊
5️⃣ Jameson Lopp: The total income of #bitcoin miners for the year 2023 reached around $10 billion, and over the last 15 years, it accumulated to $57 billion. 🌟
✨ Leave a like and share your thoughts in the comments. Any questions? Feel free to ask!
Will Paxos Triumph After Investigation?Opportunity or Liability?
Investigation of Paxos by U.S Securities and Exchange Commission:
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Paxos, a New York-based stablecoin issuer, without recommending enforcement action. This decision marks a significant win for the stablecoin sector amid ongoing regulatory uncertainty. The investigation had raised concerns within the crypto space, particularly given recent regulatory actions and statements. In May, SEC Chair Gary Gensler criticized the Financial Innovation and Technology for the 21st Century Act (FIT21), warning that it would create new regulatory gaps and undermine investor protections. The SEC’s decision to end its investigation into Paxos without enforcement action is seen as a positive step for the industry, potentially easing some of the regulatory pressures that have been a significant concern for crypto companies2. 🚀🔍
Background and History of Paxos:
Paxos was founded in 2012 as itBit, a licensed Bitcoin exchange. It later transitioned into a broader blockchain company. Paxos was founded by two individuals, namely; Charles Cascarilla (pictured above) who is is the current CEO of Paxos and has extensive experience in financial services. Rich Teo is the other founder and there is less information is publicly available about Rich Teo compared to Charles Cascarilla.Paxos is a New York-based company with a focus on regulated blockchain solutions. They offer various services related to cryptocurrencies and digital assets. These assets include :
Stablecoins (like Pax Dollar (USDP)) which are crypto tokens themselves.Services for buying and selling cryptocurrencies.Infrastructure for crypto transactions.
Positive Developments for Paxos:
Amidst the recent legal challenges and bad publicity, Paxos has evidently come out triumphant and the following noteworthy developments and partnerships will continue to strengthen Paxos.
Singapore Approval: Paxos recently secured full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd., to offer digital payment token services as a Major Payments Institution. This enables Paxos to issue stablecoins in line with MAS’ upcoming stablecoin framework. Singapore becomes the third market, alongside the US and United Arab Emirates, where Paxos is authorized to issue stablecoins.DBS Partnership: Paxos has selected DBS Bank as its primary banking partner for cash management and custody of stablecoin reserves. DBS, Southeast Asia’s largest bank, is known for its trustworthiness and innovation. This partnership enhances the security and stability of Paxos’ stablecoins.Industry Collaborations: Paxos has partnered with major players like PayPal, Interactive Brokers, and Mercado Libre. For instance, when PayPal wanted to enable crypto transactions for its users, it turned to Paxos. Similarly, Facebook’s Novi leveraged Paxos for remittances in digital currencies between Guatemala and the U.S. These collaborations hint at Paxos’ growing influence in mainstreaming digital currencies.
Paxos Transparency and Regulation:
Paxos positions itself as a leader in transparency and regulatory compliance within the cryptocurrency industry. Here are some key measures they take:
Regulated Trust Company: Paxos operates under the oversight of the New York Department of Financial Services (NYDFS). This means they are subject to strict regulations and regular audits.Monthly Reserve Reports: Paxos publishes monthly reports that detail the reserves backing their stablecoins (like USDP). This allows users to verify that their assets are fully backed by real-world assets.Bankruptcy Remote Custody: Paxos custodies all customer assets in a way that is "bankruptcy remote." This means that if Paxos were to go bankrupt, customer assets would be protected.Focus on Consumer Protection: Paxos emphasizes consumer protection as a core principle. Their compliance programs aim to mitigate risks like fraud and money laundering.Investment in Compliance: Paxos continuously invests in building and strengthening its compliance program. This includes hiring experienced compliance professionals and staying updated on evolving regulations.
In summary, Paxos continues to expand its reach, build strong partnerships, and contribute to the adoption of stablecoins and blockchain technology. While there’s still a long road ahead, these developments position Paxos well for the future of crypto.
REMEMBER: Always DYOR, this is NOT financial advise and never invest more tahn you can afford to lose!
#paxos #StablecoinSafety #PaxosExpansion
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Paxos, a New York-based stablecoin issuer, without recommending enforcement action. This decision marks a significant win for the stablecoin sector amid ongoing regulatory uncertainty. The investigation had raised concerns within the crypto space, particularly given recent regulatory actions and statements. In May, SEC Chair Gary Gensler criticized the Financial Innovation and Technology for the 21st Century Act (FIT21), warning that it would create new regulatory gaps and undermine investor protections. The SEC’s decision to end its investigation into Paxos without enforcement action is seen as a positive step for the industry, potentially easing some of the regulatory pressures that have been a significant concern for crypto companies2. 🚀🔍
Background and History of Paxos:
Paxos was founded in 2012 as itBit, a licensed Bitcoin exchange. It later transitioned into a broader blockchain company. Paxos was founded by two individuals, namely; Charles Cascarilla (pictured above) who is is the current CEO of Paxos and has extensive experience in financial services. Rich Teo is the other founder and there is less information is publicly available about Rich Teo compared to Charles Cascarilla.Paxos is a New York-based company with a focus on regulated blockchain solutions. They offer various services related to cryptocurrencies and digital assets. These assets include :
Stablecoins (like Pax Dollar (USDP)) which are crypto tokens themselves.Services for buying and selling cryptocurrencies.Infrastructure for crypto transactions.
Positive Developments for Paxos:
Amidst the recent legal challenges and bad publicity, Paxos has evidently come out triumphant and the following noteworthy developments and partnerships will continue to strengthen Paxos.
Singapore Approval: Paxos recently secured full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd., to offer digital payment token services as a Major Payments Institution. This enables Paxos to issue stablecoins in line with MAS’ upcoming stablecoin framework. Singapore becomes the third market, alongside the US and United Arab Emirates, where Paxos is authorized to issue stablecoins.DBS Partnership: Paxos has selected DBS Bank as its primary banking partner for cash management and custody of stablecoin reserves. DBS, Southeast Asia’s largest bank, is known for its trustworthiness and innovation. This partnership enhances the security and stability of Paxos’ stablecoins.Industry Collaborations: Paxos has partnered with major players like PayPal, Interactive Brokers, and Mercado Libre. For instance, when PayPal wanted to enable crypto transactions for its users, it turned to Paxos. Similarly, Facebook’s Novi leveraged Paxos for remittances in digital currencies between Guatemala and the U.S. These collaborations hint at Paxos’ growing influence in mainstreaming digital currencies.
Paxos Transparency and Regulation:
Paxos positions itself as a leader in transparency and regulatory compliance within the cryptocurrency industry. Here are some key measures they take:
Regulated Trust Company: Paxos operates under the oversight of the New York Department of Financial Services (NYDFS). This means they are subject to strict regulations and regular audits.Monthly Reserve Reports: Paxos publishes monthly reports that detail the reserves backing their stablecoins (like USDP). This allows users to verify that their assets are fully backed by real-world assets.Bankruptcy Remote Custody: Paxos custodies all customer assets in a way that is "bankruptcy remote." This means that if Paxos were to go bankrupt, customer assets would be protected.Focus on Consumer Protection: Paxos emphasizes consumer protection as a core principle. Their compliance programs aim to mitigate risks like fraud and money laundering.Investment in Compliance: Paxos continuously invests in building and strengthening its compliance program. This includes hiring experienced compliance professionals and staying updated on evolving regulations.
In summary, Paxos continues to expand its reach, build strong partnerships, and contribute to the adoption of stablecoins and blockchain technology. While there’s still a long road ahead, these developments position Paxos well for the future of crypto.
REMEMBER: Always DYOR, this is NOT financial advise and never invest more tahn you can afford to lose!
#paxos #StablecoinSafety #PaxosExpansion
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📝Despite its strong revenues, Paxos lays off 20% of its employees.
✅Paxos (#paxos ), the stablecoin issuer, #USDT🔥🔥 , has laid off a large number of its employees.
🟢 What is the motivation behind this decision, given that the company's finances do not appear to be in a state of emergency?
So we don't know exactly what is driving the wave of layoffs, however, it likely has something to do with stablecoin regulation.
⚪ Paxos was harassed by the US Securities and Exchange Commission (SEC) and forced to stop issuing BUSD, Binance's former stablecoin.
Paxos has just released a regulated stablecoin and appears to be working on a new model to avoid similar pitfalls in the future.
🔘 Last week, the company released Lift Dollar (#usdl ), a regulated stablecoin that earns rewards for its users.
🔴This indicates that regulatory initiatives in recent years, as well as those to come, particularly in the European Union, are likely to have an impact on major stablecoin issuers. This is the case in Europe in particular, where mica is raising concern among companies, including #USDT。 in particular.
✅Paxos (#paxos ), the stablecoin issuer, #USDT🔥🔥 , has laid off a large number of its employees.
🟢 What is the motivation behind this decision, given that the company's finances do not appear to be in a state of emergency?
So we don't know exactly what is driving the wave of layoffs, however, it likely has something to do with stablecoin regulation.
⚪ Paxos was harassed by the US Securities and Exchange Commission (SEC) and forced to stop issuing BUSD, Binance's former stablecoin.
Paxos has just released a regulated stablecoin and appears to be working on a new model to avoid similar pitfalls in the future.
🔘 Last week, the company released Lift Dollar (#usdl ), a regulated stablecoin that earns rewards for its users.
🔴This indicates that regulatory initiatives in recent years, as well as those to come, particularly in the European Union, are likely to have an impact on major stablecoin issuers. This is the case in Europe in particular, where mica is raising concern among companies, including #USDT。 in particular.