Paxos
Funding History
| Series D · 04/2021 | $2.4B |
|---|
Overview
Paxos is a blockchain infrastructure company that builds regulated stablecoin, tokenization, and custody solutions for financial institutions and other enterprises. The company was founded in 2012 as itBit by Charles Cascarilla and Rich Teo, and rebranded as Paxos in 2015 after receiving one of New York's first limited-purpose trust charters from the New York State Department of Financial Services.
The company positions itself as a regulated bridge between traditional finance and blockchain networks, issuing dollar- and asset-backed tokens such as Pax Dollar (USDP) and PAX Gold (PAXG), and operating the infrastructure behind PayPal USD (PYUSD), the stablecoin it issues on behalf of PayPal. Paxos also offers enterprise crypto brokerage and asset-settlement services and has pursued additional regulatory approvals, including a Major Payment Institution license from the Monetary Authority of Singapore and, more recently, conversion of its NYDFS-chartered trust into a nationally chartered trust bank overseen by the U.S. Office of the Comptroller of the Currency.
Paxos is headquartered in New York City, with additional offices in London and Singapore, and describes itself as operating with a remote-first work policy. Its stated mission is to enable the instant movement of any asset to anyone in a trustworthy way, and it has continued to expand into custody infrastructure, most recently through its 2025 acquisition of wallet and custody technology provider Fordefi.
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