Paxos has announced plans to acquire Membrane Finance, a Finnish Electronic Money Institution (EMI). This acquisition, pending regulatory approval, will make Paxos a fully licensed EMI in Finland and across the European Union.
This step allows Paxos to extend its regulated platform and comply with the EU’s new Markets in Crypto-Assets (MiCA) regulations, focusing on issuing compliant stablecoins for European customers.
Paxos is a blockchain technology company that focuses on creating regulated digital assets and infrastructure for financial institutions and individual users. It aims to modernize the traditional financial system by using blockchain to improve efficiency, security, and accessibility.
Founded in 2012 by Charles Cascarilla and Richmond Teo, Paxos has established itself as a trusted platform for stablecoins, tokenized assets, and blockchain-based settlement services.
One of Paxos’ primary offerings is the issuance of stablecoins, which are digital currencies backed by real-world assets like fiat money. For instance, Pax Dollar (USDP) and PayPal USD (PYUSD) are among its stablecoins, designed to maintain a stable value and provide a reliable alternative for transactions and payments.
Paxos also provides services to tokenize real-world assets, such as gold, allowing for their ownership and transfer on blockchain platforms. This enables greater liquidity and accessibility for traditionally illiquid assets.
Additionally, Paxos has developed settlement solutions used by major financial institutions like Credit Suisse and Instinet, showcasing its capability to integrate blockchain into traditional finance.
The company operates under regulatory oversight in multiple jurisdictions. It holds licenses from the New York Department of Financial Services (NYDFS) and other global regulatory bodies, ensuring that its operations meet high compliance standards.
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Paxos has partnered with major corporations, including PayPal, Mastercard, and Mercado Libre, to bring blockchain innovations to mainstream markets.
With more than $540 million in funding, Paxos continues to expand its reach and innovate within the blockchain space.
This acquisition is designed to deliver safe and regulated financial solutions tailored to the EU market, addressing increasing demand for stablecoins in Europe. It also aligns with Paxos’ mission to build a trusted blockchain infrastructure.
Walter Hessert, Paxos’ Head of Strategy, emphasized the growing importance of stablecoins in global finance. He highlighted how these digital currencies offer solutions for seamless money transfers and payments, benefiting individuals and businesses alike.
Charles Cascarilla, CEO and co-founder of Paxos, has led the company to become a prominent name in blockchain technology, focusing on integrating traditional financial systems with decentralized innovations.
